Europe has not seen such a diesel price for three years: wholesale sales have been stopped in Ukraine

The US and Israeli attack on Iran and retaliatory strikes have brought Europe the highest diesel prices since October 2023. On the one hand, oil prices have risen. At the same time, the Middle East is one of the largest suppliers of fuel to the EU, and tankers are afraid to go through the Strait of Hormuz and into Saudi Arabia stopped one of the largest refineries due to an attack by Iranian drones.

According to the Frankfurt Stock Exchange, the wholesale cost of diesel fuel rose on the evening of March 2 to $ 906 per ton. This is the highest figure since October 2023.

At the previous auction, on February 27, on the eve of the attacks on Iran, the price was $ 745 and prices only on Monday rose by more than 20%. Bidding continues and the final result of the software is not clear.

On the one hand, the cost of oil itself has increased slightly. The quotes of the benchmark Brent rose by less than 9% to $ 79.3 per barrel. However, this is not even important for Europe.

The Persian Gulf countries are major suppliers of diesel fuel to Europe. Tankers are still afraid to pass through the Strait of Hormuz, and at one of the largest refineries in Saudi Arabia started a fire because of an attack by Iranian drones and it was stopped. At the same time, the supply of petroleum products from Russian oil is prohibited in the EU and India has reduced exports.

All this affects not only Europe itself. But also Ukraine, which depends on diesel from EU countries.

According to the Ukrainian specialized publication enkorr, uncertainty in the foreign market has suspended sales of diesel fuel in the domestic market. As of the first half of the day on March 2, traders did not provide fuel offers, the newspaper writes.

"Everyone is on pause. There are a lot of questions, and it is impossible to understand what will happen to the resource and its prices," one of the traders told enkorr.

According to the publication, in the meantime, prices are rising at Ukrainian gas stations.

"Over the weekend, price adjustments were made for most operators. According to the monitoring of the A-95 consulting group, from February 27 to March 2, the average cost of gasoline and A-95 diesel fuel increased by a little more than 1 UAH/l (1.8 rubles) — up to 62.87 UAH /l and 62.69 UAH / l (112.8 rubles), respectively," enkorr noted.

As EADaily reported, due to the attacks of the United States and Israel on Iran and retaliatory strikes, the price of gas in Europe jumped to $ 586 per thousand cubic meters. One of the largest LNG producers, Qatar, announced that it had stopped the production of liquefied natural gas due to attacks by Iranian drones. Also in The UAE LNG terminal is also located in the Persian Gulf, but gas carriers have stopped any entry into The Persian Gulf because of the threat of being hit by missiles or drones.