Global diesel prices have hit a near three-month high as traders fear Houthi attacks on shipping in the Red Sea will raise costs for consumers and disrupt crucial supplies from Asia to Europe.
Gasoil futures, the global benchmark, have risen 15 per cent from mid-December, to $845 a metric tonne, reflecting investors’ growing concerns that Europe will be squeezed by supply chain issues in coming months.
The continent, one of the world’s largest purchasers of refined petroleum products, has relied on imports from Asia and the US in the past year after the EU banned the use of Russian diesel in the bloc.
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