Oil prices crossed the $101 per barrel threshold on Wednesday for the first time since July, while U.S. diesel rose above $200 per barrel for the second time on record after Russia’s invasion of Ukraine in 2022. The escalation of the Middle East conflict is crippling global energy flows through the Strait of Hormuz, with U.S. Strategic Petroleum Reserves hitting a 44-year low. Global stocks of diesel, gasoline, and jet fuel have reached dangerously critical levels, according to Rystad Energy analysts. Fuel shortages, particularly diesel, are expected to worsen this fall and winter across Europe and South Asia. Analysts warn that central banks may once again raise interest rates to curb mounting inflationary pressures.
Source: Read the original article
