Oil Prices Dip, Diesel Surges Amid Ukraine Crisis

Oil prices dip slightly as ceasefire hopes rise, but diesel prices remain high due to supply constraints and new sanctions. Despite a proposed ceasefire plan, Kyiv is unlikely to accept it, and the White House is eager for a deal. Crude prices initially rose after sanctions on Russias top oil companies, but most gains have disappeared. Diesel prices, however, are still high, with refining margins increasing. The divergence in prices is due to low global diesel output, Ukrainian attacks on Russian refineries, and new US sanctions disrupting supply. The EUs new sanctions package will ban imports of Russian crude-derived fuels, impacting trade and benefiting US Gulf Coast refineries.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.