Trump backs diesel export ban as fuel prices hit record highs — SkimNews
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- Trump backed a U.S. diesel export ban after retail diesel hit $6.50/gallon this week — the highest 2026 level — and separately urged Ukraine to halt attacks on Russian refineries, citing fuel shortages
- The International Energy Agency reported Gulf net exports of diesel and gasoil averaged just 390,000 barrels a day in August, roughly a quarter of pre-war levels
- Ukrainian drone strikes have hit a Russian refinery every three days on average in 2026's first eight months, pushing Russian refinery output in June to its lowest level in over 20 years
- A Houthi strike damaged a third pump station on Saudi Arabia's East-West pipeline, prompting Aramco to warn European refiners not to expect crude deliveries next month
- Combined August net exports of diesel and gasoil from the Middle East and Russia fell 1.6 million barrels a day versus February, when they accounted for nearly 45% of global seaborne trade
- The Federal Reserve raised interest rates for the first time since 2023, joining the European Central Bank and Bank of Japan in tightening monetary policy amid the energy shock
- World oil supply is now projected to average 100.7 million barrels a day in 2026, down 5.7 million barrels year-on-year, per the IEA's revised outlook
Why it matters: Inflation-plagued economies that depend on diesel for farming, mining, and freight face renewed pressure as Gulf and Russian exports have fallen 1.6 million barrels a day below February levels, and central banks from the Fed to the ECB are tightening into the shock — squeezing consumers at the pump and on borrowing simultaneously.
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