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Join today<\/a><\/p>\n \n Already a member? Your support helps us to tell the story<\/p>\n From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it’s investigating the financials of Elon Musk’s pro-Trump PAC or producing our latest documentary, ‘The A Word’, which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.<\/p>\n At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.<\/p>\n The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.<\/p>\n Your support makes all the difference.Read more<\/p>\n Diesel prices in the UK have reached a record high, according to the RAC, hitting \u00a32 a litre for the first time<\/a> as the war in the Middle East<\/a> continues to drive up the cost of oil worldwide.<\/p>\n The price of a litre in the UK has risen 40.5 per cent since late February, when the US first launched strikes against Iran, while prices are also at a record high in the US, where much of the world\u2019s supply is produced and refined. <\/a><\/p>\n In response to rising costs, G7 leaders have agreed to release 100 million barrels<\/a> of diesel within four months.<\/p>\n French President Mr Macron said on Friday that G7 allies would release strategic reserves \u201cup to 100 million barrels, within four months\u201d and \u201ctake no measures to restrict the exchange of energy and petroleum products between partner countries\u201d.<\/p>\n Since 2022, the US has become the world\u2019s largest exporter of diesel by a wide margin as the Ukraine conflict has reduced demand for Russian fuel, alongside its ability to refine it.<\/p>\n Around 30 per cent of all cars on the road in the UK are fuelled by diesel, rising to 38 per cent of HGVs. Higher costs to operate these vehicles could have an impact on the cost of goods.<\/p>\n Dr Jonathan Owens, an operations and supply chain expert at the University of Salford, said: \u201cDiesel<\/a> remains critical to the movement of goods. Heavy goods vehicles, distribution fleets, construction equipment and agricultural machinery all depend heavily upon it.<\/p>\n \u201cAny significant disruption to international diesel supplies can therefore quickly translate into higher transport and operating costs.<\/p>\n \u201cThe relationship is straightforward: higher diesel prices increase transport costs, placing pressure on business margins and ultimately consumer prices. In the end, it is likely to be the consumer who pays,\u201d he added.<\/p>\n Why has the price gone up?<\/p>\n The economic consequences of the Trump administration\u2019s decision to launch strikes on Iran<\/a> in February have rippled across the globe.<\/p>\n The price of crude oil has skyrocket in the subsequent months, from around $60 a barrel at the start of the year to over $100 at several points.<\/p>\n This is a direct impact of Iran\u2019s effective closure of the Strait of Hormuz, which is the only passage from the Persian Gulf to the open ocean. Around 20 per cent of the world\u2019s gas and oil is shipped through the waterway, with peace talks \u2013 so far unsuccessful \u2013 centred on Iran\u2019s attacks on tankers in the region.<\/p>\n<\/p>\n The cost pressures have had a direct impact on the price of diesel, which is refined from crude oil.<\/p>\n Recent analysis by analysts Kpler found that has largely returned to pre-war levels producers have found alternative methods of exporting fuel out of the Middle East. Around 40 per cent of the region\u2019s crude is now bypassing the Strait, analysis shows, compared with just 17 per cent before the war.<\/p>\n However, the flow of refined products like diesel have not seen the same recovery, Kpler found, with shipments remaining at less than 20 per cent of pre-war levels.<\/p>\n What has Donald Trump said?<\/p>\n In light of rising diesel prices, Trump has said that he may call on European countries to rely on their own reserves as he reportedly plans a 90-day ban on US diesel exports.<\/p>\n Asked about the possibility, the US president told reporters: \u201cWe may do that. They have some diesel.\u201d<\/p>\n In an earlier post on social media, US Treasury secretary Scott Bessent, said: \u201cOur European partners should accelerate delivery on their existing commitments and make additional supplies immediately available to address ongoing disruptions.<\/p>\n \u201cAmerican farmers, truckers, and businesses should not be left carrying the burden of a global diesel shortage. America is doing its part. We look to our allies to match their commitments with action.\u201d<\/p>\n Where does Britain\u2019s diesel come from?<\/p>\n
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Diesel prices continue to reach record highs in the UK (PA Wire)<\/p>\n
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A Thames Water employee fills his lorry with diesel at 207.9p per litre at a petrol station in London (PA)<\/p>\n