The Russia-Ukraine war, largely overshadowed by tensions in the Strait of Hormuz, continues to heavily impact global energy markets. About 40% of Russia’s oil-refining capacity is now offline due to Ukrainian drone attacks, and Russia has halted diesel exports since July, removing approximately 3% of daily global diesel supply. This situation, combined with disruptions in the Middle East and China, has driven the average U.S. diesel price to an all-time high of $5.85 per gallon. The average gasoline price reached $4.14 per gallon, the highest ever recorded before Labor Day weekend, surpassing the previous 2012 record.
Source: Read the original article
