Firms turning crude oil into the ‘workhorse’ fuel stand to gain most despite economic fallout from record prices
Days after Donald Trump announced a deal to import Russian diesel into the US in an effort to lower soaring pump prices, the world’s energy watchdog has warned that the global fuel shortage will drag into 2027.
Trump’s temporary sanctions reprieve was criticised for offering “too little, too late” to temper the sky high pump prices triggered by the shutdown of war-damaged refineries in the Middle East and Russia – once the world’s second-largest diesel exporter behind the US.
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© Photograph: Martin Meissner/AP
© Photograph: Martin Meissner/AP
© Photograph: Martin Meissner/AP
Analysts say fuel will take weeks to ship and quantity is too small to affect prices, while full deal is unlikely to be met given damage to Russian refineries
Donald Trump’s deal with Vladimir Putin to temporarily lift sanctions on US imports of Russian diesel will have little “meaningful” effect on motorists and businesses in the US and overseas, energy and foreign policy analysts have predicted.
The US president infuriated Volodymyr Zelenskyy when he announced the deal on Friday, writing on Truth Social that the agreement with his Russia counterpart to supply millions of tonnes of diesel was essential to reduce fuel prices in the US, which have soared after his decision to go to war against Iran.
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© Photograph: Patrick T Fallon/AFP/Getty Images
© Photograph: Patrick T Fallon/AFP/Getty Images
© Photograph: Patrick T Fallon/AFP/Getty Images
CHICAGO: Corn and wheat futures have rallied to their highest prices in more than three years, though the factors driving the gains for each crop remain distinctly different. Wheat futures settled Friday at $7.84 per bushel, up 3.1% on the day, after hitting an intraday peak of $7.9025, the highest level since Feb. 14, 2023. ... Read more
The post Corn, wheat prices surge to multi-year highs on divergent supply threats appeared first on BOL News.
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