EU diesel prices hit record high as supply concerns grow

The average price of diesel at fuel stations across the European Union has reached a new record after rising above 2.24 euros per litre. At the same time, the executive director of the International Energy Agency has warned that Europe is among the regions vulnerable to diesel shortages and could be the most vulnerable of all.

Reuters, citing informed sources, reported that the United States has asked France and Germany to release part of their emergency diesel reserves. According to the sources, Washington has asked the European Union to bring 120 million barrels of diesel onto the market over the next six months.

Meanwhile, oil prices rose by about 3% after reports that Chinese refineries would be barred from exporting fuel in October. Higher fuel prices have also been reported amid developments in the Middle East and escalating tensions in the Strait of Hormuz.