European diesel prices have hit historic highs following the war in Iran and the closure of the Strait of Hormuz, creating an inflationary crisis as holiday travel demand peaks.
European motorists are facing record-breaking fuel inflation as the Easter holiday weekend begins, driven by a dramatic surge in oil prices following the outbreak of war in Iran and the subsequent blockade of the Strait of Hormuz. Diesel prices have been hit hardest, soaring 30 percent since the joint U.S.-Israeli strikes on February 28, with costs per barrel in Europe exceeding $200 on Thursday the highest level since the early days of the 2022 Ukraine invasion.
Susan Bell, a commodity markets specialist at Rystad Energy, noted that the global supply balance was already under pressure before the conflict, stating that the market response has been one of “strong gasoil (diesel) price escalation while gasoline’s price response has been somewhat muted.” With Middle Eastern states previously providing over half of Europe’s diesel, and a significant portion of that supply now stalled, experts from TotalEnergies warn that despite refineries working at full capacity, the “room for manoeuvre remains minimal.”
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