Diesel and other oil product prices in Europe are climbing toward historical highs amid shipping disruptions through the Strait of Hormuz, according to data from Platts cited by Report.
Low-sulfur gasoil futures surged $17.25 to $1,349.25 per ton, the highest level since June 2022. Spot diesel prices also hit new records:
Northwest Europe: $1,505.25 per ton
Mediterranean: $1,470.75 per ton
The price spike is supported by declining inventories. Insights Global reports diesel and gasoil stocks at the Amsterdam–Rotterdam–Antwerp hub fell 4.79% over the week, to 2.089 million tons.
Tightness also persists in the jet fuel market, with kerosene stocks dropping 13.4% year-on-year to 737,000 tons-the fourth consecutive week of decline.
Crude oil prices are also rising, with the Dated Brent spot premium hitting $4 per barrel, a peak since August 2022. Analysts attribute the market pressure to supply instability amid tensions in the Persian Gulf.