Russia bans diesel exports worsening already tight fuel supplies
Business
Russia just banned diesel exports, and it's shaking up global fuel supplies.
Diesel powers everything from trucks to farms, so this move is making an already tight market even tougher.
With post-pandemic demand up, some Western refineries closed, and conflicts in the Middle East, supply chains are feeling the pressure.
US diesel futures surge to $154
Even though the US and Europe stopped buying Russian diesel directly, they're still getting hit with price spikes: US diesel futures jumped 11% to $154 a barrel, while European prices set new records.
Now countries like Brazil and Turkey are competing for what's left of US supplies, which could mean higher costs for things like power and food production.