Diesel prices "explode" in Europe

As Bloomberg explains, the price surges are due to supply disruptions caused by the war in Iran and the closure of the Strait of Hormuz, with prices nearly doubling since the start of the conflict on February 28.

The closure of the Strait of Hormuz has halted the transport of millions of barrels of refined products, including diesel, while crude oil prices in London have risen by about 50 percent.

Some refineries have reduced production, and traders worldwide are trying to secure alternative supplies, often rerouting shipments over distances exceeding 19,000 kilometers.

Diesel, a key energy source for transport and industry, plays a central role in the global economy, so its price increase raises the risk of inflation.

Europe, which produces less diesel than it consumes, relies on imports, and analysts warn that the region could face shortages in the coming weeks if the situation does not stabilize.

Prices are also rising in other parts of the world—in the United States, diesel has exceeded $4 per gallon, while in Asia it temporarily surpassed $200 per barrel.

Global markets were further shaken after U.S. President Donald Trump announced a continuation of the military campaign against Iran, increasing uncertainty in the energy sector.

European countries are trying to mitigate the impact of the energy crisis by increasing the use of renewable energy sources, such as solar and wind power, to reduce dependence on fossil fuels.

At the same time, supply chain disruptions are prompting states to reconsider energy security strategies, while diplomatic efforts to resolve the crisis and reopen the Strait of Hormuz have so far yielded no concrete results.