Diesel Crisis: Global Prices Hit Record $1,617/Tonne as Supply Disruptions Mount

Global diesel prices have surged 115% since late February 2026, hitting an all-time record of $1,617 per metric tonne, as Iran's blockade of the Strait of Hormuz, Saudi Arabia's closure of its East-West pipeline, and Russia's wartime export ban choke off roughly one-fifth of worldwide shipments, according to Argus Media. The crisis is feeding directly into corporate costs. Redhill Manufacturers, a £5m-turnover Worcestershire firm, now pays 15% more to carriers — about £15,000 monthly — on top of a 12% rise in raw material costs tied to crude oil above $100 per barrel. Capital Economics forecasts UK inflation will climb from 3.1% in August 2026 to 4.3% by February 2027, with diesel alone contributing 0.6 percentage points. Roughly 200 UK haulage firms have gone bust this year, per the Road Haulage Association. Analysts warn a potential US diesel export ban — floated by Senate Majority Leader John Thune — could push prices to $300 per barrel.