Oil prices climb as a potential US diesel export ban threatens to disrupt global supply chains and exacerbate record-high fuel costs.
The national average diesel price has surged to a record $6.52 per gallon, and an export ban could further strain supply.
Brent crude futures hover near $100 per barrel as a potential US diesel export ban could tighten global supply.
WTI futures hover around $90 a barrel, supported by the possibility of a US diesel export ban that would tighten supply.
Gasoline prices hover near a seasonal high of $4.47 per gallon, with potential for even higher prices if diesel export restrictions reduce refinery output.
Brent crude futures hover near $100 per barrel and WTI near $90 as markets react to a proposed US diesel export ban. Analysts warn that restricting exports could tighten global supply, potentially backfiring by reducing total refinery output and driving gasoline prices higher across import-dependent regions.
Industry experts note that refineries operate on a delicate balance; restricting diesel exports could force lower overall production rates, which would reduce the supply of gasoline and drive prices higher.