Diesel Soars All Over the World in Outsized Iran-War Impact

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000War With Iran:Diesel prices have surged as part of a wider oil market rally.Diesel prices across the globe surged to multi-year highs as the war on Iran expanded across the Middle East, pressuring markets already grappling with low supplies and adding to the burden on consumers.In Europe, benchmark diesel futures jumped by a record 34% in two days. Futures in the US surged as much as 16% on Tuesday to $3.37 a gallon, the highest since September 2023. The average retail price reached a level last seen in May 2024.