US EditionDiesel Jumps 17%, Outpacing Crude Oil After Weekend Conflict
Gasoil futures rose 17% due to disrupted shipments through the Strait of Hormuz, with 10.3% of global seaborne diesel trade affected, highlighting supply vulnerabilities.
- On Monday, gasoil futures on the Intercontinental Exchange hit a two-year high, soaring by 16%, outpacing Brent crude's 13% jump above $80 per barrel.
- Weekend escalation of the Iran conflict disrupted Middle East shipments, creating a de facto Strait of Hormuz closure risk as markets opened after the weekend.
- Kpler analyst Amena Bakr says diesel faces acute near-term pressure as the primary military fuel with limited alternatives, making its supply risk higher than crude oil, jet fuel, or LNG.
- Kpler says the immediate impact on gasoil will be very high as cracks will gap sharply this week, with 10.3% of seaborne gasoil, 19.4% of jet fuel, and 16% of gasoline and naphtha trade transiting the Strait.
- If closure persists, Kpler warns that insurance-driven sustained closure could trigger supply shocks across multiple commodity classes, with diesel facing the most immediate impact, Amena Bakr, according to Kpler, said.
18 Articles
18 Articles
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According to Bojan Ivanec, chief economist of the Slovenian Chamber of Commerce and Industry, the war in Iran has the greatest short-term negative impact on tourism and airlines. It is also having a strong impact on the petroleum products market, where the supply of diesel fuel will be the most affected in Europe. There will be no impact on consumer prices in the short term.
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