European Diesel Futures Top $200 as Iran War Hits Supply

Europe’s diesel futures rose to the highest level since 2022, as the Iran war hits supply of the fuel that powers the global economy.

Futures traded as high as $1,498 a ton, or more than $200 a barrel, as they surged as much as 9.7% in London. Prices have almost doubled since the war in the Middle East started over a month ago with US and Israeli attacks on Iran, and Tehran’s retaliation resulting in an effective closure of the vital Strait of Hormuz.