Global oil refining bottlenecks strain energy supplies and tighten diesel markets.
Conflicts in the Middle East and Ukraine disrupt refinery operations and key shipping routes. Attacks on Russian refineries and risks in the Red Sea and Strait of Hormuz reduce product availability.
U.S. diesel prices approach record highs last seen in mid-2022. Limited processing capacity spikes fuel costs for transportation and agriculture despite stable crude costs.
U.S. refineries currently operate near maximum capacity. Global inventories remain low, leaving little buffer to absorb further market shocks.