Updated

U.S. diesel prices surpassed $6 a gallon for the first time on record, as the Russia-Ukraine war and tensions in the Middle East continue to strain global energy supply. President Trump publicly urged Ukraine to stop striking Russian oil refineries, arguing the attacks are contributing to the price spike. Oil buyers are now paying a substantially higher premium to secure crude for immediate delivery, a signal that traders view current supply risks as acute rather than transitory, with the Iran conflict cited as a key driver of the pressure now feeding through to prices at the pump. Adding to the strain, Saudi Arabia may be only days away from a sharp reduction in its oil export capacity following the shutdown of its East-West pipeline, according to industry sources, who warned that energy prices 'are only going to rise on the back of this.' The combination of Middle East supply disruptions and the ongoing Russia-Ukraine refinery conflict is compounding fears of a broader energy price shock heading into the winter months.