Diesel Hits Record High as Ukraine and Iran Wars Disrupt Refineries, Fueling Inflation Fears

Diesel prices have climbed to a record high as conflicts in Ukraine and Iran knock out refineries and disrupt fuel supplies. The damage and shutdowns are reducing available diesel, increasing shipping and transportation costs, and putting pressure on businesses and consumers. Economists warn that sustained fuel inflation could spread through supply chains, raising the price of food, manufactured goods, and essential services. Governments may consider strategic reserves or temporary relief measures if disruptions continue across global energy markets for longer.