Commodities
Brent Price Surge: Diesel Demand Drives Crude Oil Prices Higher
Crude oil prices are on the rise, driven primarily by increasing demand for diesel fuel. According to OilPrice.com, ICE Brent is poised to end the week with a 6% weekly gain, trading around $95 per barrel. This surge in diesel prices is attributed to tightening middle distillate supplies worldwide, which have pushed refining cracks higher than outright crude prices.
The US national average price of diesel has hit an all-time high, with some areas experiencing even higher prices. In contrast, OPEC+ is expected to freeze production quotas for October 2026, citing the ongoing US-Iran war as a major constraint on supply increases.