European diesel futures hit a new high since 2022, rising as much as 9.4% during intraday trading.

The benchmark price for European diesel futures has reached its highest level since 2022, with the impact of the Iran war disrupting the supply of this fuel that drives the global economy. The futures price in the London market briefly rose to $1,493.25 per ton, equivalent to over $200 per barrel, with the largest intraday increase reaching 9.4%. European diesel production is typically lower than consumption. Many traders and analysts have stated that if the Strait of Hormuz cannot be reopened, Europe will face a diesel supply shortage in the coming weeks, with Latin America also expected to face similar pressures.