Europe’s $200 Diesel Puts War Strain on Economic Lifeblood
Get caught up.
Vehicles line up at a gas station in South Africa
Photographer: Waldo Swiegers/BloombergFuel prices continued to skyrocket from Pretoria to Paris after US President Donald Trump failed to quell market anxiety over his war against Iran. Diesel surged the most in four years, today rising almost 10% to more than $200 a barrel. The fuel is the lifeblood of the global economy — used to power everything from trucks to construction equipment — and rising prices risk driving up inflation.
Trump is coming under increasing international pressure after pledging in a primetime speech to continue the war, sparking further turmoil in energy markets, with little sign the Strait of Hormuz will be open soon.