Europe: Fragile Diesel Market Braces for Mideast Disruption

Global diesel markets have been on a rollercoaster since the EU and UK banned Russian fuel imports back in February 2023, and nowhere more than in Europe. The region was the largest importer of Russian fuel and its natural outlet for exports. Mideast Gulf and Asian suppliers have stepped in alongside the US to keep diesel flowing to the continent. And now Europe is once again bracing itself for the impact of conflict — a potential wider Mideast war — as Israel and Iran seem locked in an escalating cycle of direct attacks.