Story thread · 2 reports / 2 sources

Diesel desperation is mounting globally

axios.com · 1d · first reportShare

The state of the global diesel market is getting even more precarious as the Russia-Ukraine war and the Iran crisis squeeze supply from multiple angles. Why it matters: Diesel prices ripple through economies here and abroad, affecting shipping costs, construction and plenty in between. The average U.S. price is up 44 cents over the last month to $5.32 per gallon, compared to $3.71 a year ago, per AAA. However, during the Iran crisis, it hasn't hit the all-time high of $5.82 per gallon that AAA recorded in mid-June of 2022. Driving the news: A new S&P Global Energy analysis unpacks the ingredients behind the "big squeeze" in global refined product markets. S&P estimates that refineries worldwide processed 7.5 million barrels per day less crude last month than the same period in 2025. A separate International Energy Agency analysis out this morning also tracks an extremely steep drop in how much crude that refineries are processing. Data: AAA; Chart: Ben Geman/Axios State of play: Renewe