U.S. diesel futures fall 4% on export ban

US diesel prices are heading higher amid expectations of a 90-day export ban, which the White House has denied. Futures contracts for diesel temporarily dropped by 4% following reports of the ban, but prices are nearing record levels, with the average price reaching around $6.52 per gallon, putting pressure on the agriculture and transportation sectors. The White House affirms that claims of a ban are false and is working with the refining industry to voluntarily increase supplies to avoid rising gasoline and jet fuel prices. If the ban were implemented, it could lead to higher prices worldwide, reduce domestic petroleum product supplies, and pose risks of decreased oil processing in refineries.

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