Diesel prices hit records as Iran, Ukraine wars disrupt fuel supplies

Diesel prices have surged to record levels in Europe and the United States as wars in Iran and Ukraine disrupt supplies from major producers and damage refineries, leaving limited options to prevent further gains.European diesel futures closed at an all-time high last week, having more than doubled from the start of 2026. Supply disruptions have also spread to the Red Sea, where Saudi Arabia loads most of its diesel.In the US, average retail diesel prices crossed $6 a gallon for the first time on record this month.