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Is the world pricing the risk of a US diesel export ban?

<name>Michel Robe, Professor of Finance and Distinguished Chair, University of Richmond</name> <foaf:homepage rdf:resource="https://theconversation.com/profiles/michel-robe-2768419"/>· 15 octobre 2026

One driver of higher U.S. diesel prices is a major drop in supply from Russia and the Middle East. AP Photo/David Zalubowski) A spike in diesel prices is hammering broad sectors of the U.S. economy – especially agriculture and shipping – and becoming a flash point ahead of the November 2026 midterm…

Résumé

Diesel prices hit records

Diesel prices in the United States have reached near all-time highs, with the average price of ultra-low sulfur diesel exceeding $7 per gallon in some regions like the West Coast.

This surge is driven by a global supply squeeze, as key diesel exporters such as Russia and Middle Eastern producers face disruptions.

Russia banned diesel exports in July 2026 after Ukraine’s air campaign destroyed over half of Russia’s oil refinery capacity, turning Russia from a top exporter into an importer of refined oil products.

Meanwhile, the Strait of Hormuz, a critical transit route for global crude oil and natural gas, was temporarily shut down due to missile attacks in February 2026, causing oil transportation costs to more than quintuple.

These disruptions have reduced global diesel supply and increased prices worldwide.

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