Russia's Diesel Export Ban Sends Wholesale Prices Soaring as Ukrainian Attacks Hit Refineries
Updated
Updated · The New York Times · Jul 13
Russia's Diesel Export Ban Sends Wholesale Prices Soaring as Ukrainian Attacks Hit Refineries
3 articles · Updated · The New York Times · Jul 13
Summary
Wholesale diesel prices jumped last week after Russia halted overseas diesel sales to protect domestic supplies.
Ukrainian drone strikes have badly damaged Russian refineries, curbing Russia's ability to turn crude into transportation fuel and tightening diesel availability.
Oil markets are also watching the Strait of Hormuz, where renewed U.S.-Iran tensions have slowed tanker traffic and added supply risk.
China remains the key demand variable: its spring pullback in oil buying helped cap earlier price spikes, while any rebound could push fuel prices higher.