A Global Diesel Shortfall From the Middle East to Russia Pushes US and European Fuel Prices to Records

According to EcoIran, citing Tasnim and OilPrice.com, US diesel prices set a fresh record last week, crossing 6.50 dollars a gallon, while European fuel prices have also surged sharply. Per the report, published Tuesday, September 22, 2026 (31 Shahrivar 1405), the Wall Street Journal, citing International Energy Agency data, reported that lost Middle East diesel output is three times larger than Russia's export shortfall; Russia has separately extended its diesel export ban through the end of October. In the US, Congressman Tim Burchett has introduced a bill to ban diesel exports, backed by Senate Majority Leader John Thune, while Energy Secretary Chris Wright and Interior Secretary Doug Burgum oppose it. Wood Mackenzie said global refining capacity, reduced over the past decade by refinery closures in Europe and the US, can no longer absorb simultaneous supply losses from the Middle East and Russia, with part of Persian Gulf refining capacity also damaged in strikes on regional energy infrastructure.