Why Diesel Prices Stay High

Despite Trump's announcement of lifting sanctions on Russia and allowing the import of Russian diesel, the impact of this decision on global diesel prices is expected to be limited. The recent price hikes are primarily due to the war in Iran, the Straits of Hormuz and Bab al-Mandab tensions, and a decline in refinery output. Additionally, U.S. diesel imports mainly come from Canada, and significant changes in this trade are not anticipated. Moreover, the volume of Russian diesel announced is insufficient to meet current American demand. Therefore, diesel prices are expected to continue rising in the near term.

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