The volatility of refined product markets is causing acute economic pressure on farming and transportation hubs across the United States. A meeting of European Union senior diplomats is scheduled for 15:30 today to address the global diesel market and energy security as fuel costs reach unprecedented peaks. The Financial Times reports that Donald Trump's war in Iran has driven the cost of US diesel to a fresh all-time high of above $224/bbl, hitting sectors that rely on the fuel for industrial and agricultural operations.

Nearly 48% of executives from 100 oil and gas companies surveyed by the Federal Reserve Bank of Dallas expect the spread between diesel and crude oil prices to take more than four quarters to return to 2025 levels. Refining bottlenecks and disruptions in Hormuz crude flows have exacerbated the squeeze, which Chevron CEO Mike Wirth termed the 'Great Fuel Crisis.' Industry leaders warn that the mechanisms used to mitigate supply and price risks have largely played out.