US heating oil futures, a benchmark for diesel, rose 6.1% Tuesday to their highest settlement on record, while European gasoil futures gained 6.2% to a record as supply disruptions worsened in the Persian Gulf and Russia. The US heating oil crack spread—the difference between refined fuel and crude prices—reached $117 a barrel, the highest in Bloomberg data going back to 2009. US retail diesel prices reached an average of about $6.30 a gallon.

Diesel exports from the Gulf and Russia have fallen by 1.6 million barrels a day since February, the International Energy Agency reported. Saudi Arabia suspended crude loadings at Yanbu and canceled some late September cargoes to European refiners after an attack shut its East-West pipeline. Asian refiners are evaluating lower processing rates and preparing for possible fuel export restrictions as crude prices rise and stockpiles shrink. Russia is considering extending its diesel export ban through October, while the US is discussing a potential ban.

Shipping costs are climbing as the Iran war restricts tanker traffic through the Strait of Hormuz, shifting most Gulf exports to a shuttle system with tankers collecting oil outside the strait. Persian Gulf to China tanker rates reached $1.035 million a day, while the Gulf of Oman route cost about $644,000 a day. Hiring a tanker to carry 2 million barrels from the US Gulf Coast to China cost a record $44.8 million Tuesday, up from $39 million a day earlier and $17.8 million before the war. Houthi threats are further constraining vessel supply by forcing some ships around Africa, adding 30 days to voyages.