Record Diesel Prices Push Brent Toward $95
Global diesel prices have surged to record highs, pushing ICE Brent crude toward $95 per barrel. Tightening middle distillate supplies and strong refining cracks are the primary drivers of this upward trend in oil prices. The US is experiencing particularly high diesel costs amid low stock levels despite refiners operating at full capacity. OPEC+ has decided to freeze production quotas for October 2026 due to ongoing geopolitical tensions, including the war between the US and Iran, which limits supply increases from Middle Eastern producers. Meanwhile, Saudi Aramco maintained a post-pandemic low discount on its Arab Light crude sales in Asia despite market expectations of an increase. Other developments include rising natural gas prices in the US due to warm weather and LNG demand recovery; Europe's benchmark gas price hitting three-year highs as Qatari exports stall; Bangladesh paying record prices for LNG imports; Indonesia inviting Russian investment into oil and gas exploration; and Argentina targeting Falklands-based developers.
Topics: Brent crude Diesel prices OPEC+ Saudi Aramco US-Iran conflict Venezuela oil debt