West Faces Fuel Crisis as Diesel Prices Soar to Record Highs
A fuel crisis is unfolding in the West, prompting French President Emmanuel Macron to convene an emergency G7 summit.
The global energy market and Western capitals are facing a severe economic shock due to record hikes in diesel prices at petrol stations. The situation has become so critical that Macron has summoned the leaders of the Group of Seven nations to discuss releasing fuel from strategic reserves, which have been depleted since the military conflict around Iran began.
The crisis is further exacerbated by the shutdown of Saudi Arabia's oil pipeline and the escalating 'oil hunt' among European and Asian refineries. Brent crude prices appear stable on exchange quotes at $104.4 per barrel, but in the real physical market, it has surged to $130-150 per barrel, while Russian oil is selling for over $100.