Europe diesel at four-year high above $200 as Iran war disrupts supply
Futures traded as high as $1,498 a ton, or more than $200 a barrel, soaring as much as 9.7% in London on Thursday.
European diesel futures surged above $200 a barrel on Thursday for the first time since 2022, as the US-Israel-Iran war rattled energy markets.
Futures traded as high as $1,498 per ton, or more than $200 a barrel, jumping as much as 9.7% on ICE Futures Europe. Diesel prices in the region have nearly doubled since the war began at the end of February.
Why it matters: Europe produces less diesel than it consumes and relies heavily on imports, particularly from the Middle East, which was the continent's top supplier before the war broke out. Europe consumes more than 6 million barrels per day, according to Bloomberg, with the fuel powering transport, shipping and construction.
An October 2025 S&P Global report showed Middle Eastern diesel exports to Europe rising from 18.1 million metric tons in 2022 to 22.9 million in 2024, replacing Russia as the continent’s top supplier following Western sanctions on Moscow over its full-scale invasion of Ukraine in 2022.
