European Diesel Prices Hit Record High Amid Supply Concerns

According to the International Desk of Webangah News Agency, average diesel prices at pumps across the European Union have set a new record, exceeding €2.24 per liter, according to data published by Mehr News Agency, quoting Al Jazeera. Oil prices also climbed by approximately 3 percent following reports that Chinese refineries have prohibited fuel exports for October.

The rise in fuel prices comes amid developments in the Middle East and escalating tensions in the Strait of Hormuz. Reuters, citing informed sources, reported that the United States has requested France and Germany to release some diesel fuel from their strategic reserves. According to the report, these informed sources added that the U.S. has asked the European Union to supply 120 million barrels of diesel to the market over the next six months.

This U.S. request to Europe comes as the executive director of the International Energy Agency stated on Tuesday that Europe is among the regions most vulnerable to current diesel shortages, potentially being the most vulnerable region.