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Commodities

Russia's Diesel Export Ban Sends Crude Prices Soaring Amid Global Supply Crunch

Guavy AI Editorial Team
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Oil
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Crude oil and gasoline prices surged on Tuesday as global supplies shrank due to Russia's extended diesel export ban, attacks on vessels in the Strait of Hormuz, and declining inventories.

The November WTI crude oil contract (CLX26) jumped +2.41 (+2.70%) while November RBOB gasoline (RBX26) rose +0.1321 (+4.22%); both are at multi-year highs.

Energy prices were boosted by a 12-year low in EIA gasoline inventories, which fell -1.7 million bbl, and an unexpected decline in distillate stockpiles, down -2.25 million bbl.

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