European diesel prices near record on Strait of Hormuz disruptions

Diesel and other oil product prices in Europe are climbing toward historical highs amid shipping disruptions through the Strait of Hormuz, according to data from Platts cited by Report.

Low-sulfur gasoil futures surged $17.25 to $1,349.25 per ton, the highest level since June 2022. Spot diesel prices also hit new records:

Northwest Europe: $1,505.25 per ton

Mediterranean: $1,470.75 per ton

The price spike is supported by declining inventories. Insights Global reports diesel and gasoil stocks at the Amsterdam–Rotterdam–Antwerp hub fell 4.79% over the week, to 2.089 million tons.

Tightness also persists in the jet fuel market, with kerosene stocks dropping 13.4% year-on-year to 737,000 tons-the fourth consecutive week of decline.

Crude oil prices are also rising, with the Dated Brent spot premium hitting $4 per barrel, a peak since August 2022. Analysts attribute the market pressure to supply instability amid tensions in the Persian Gulf.