Diesel prices have surged to record levels in Europe and the United States as wars in Iran and Ukraine disrupt fuel supplies and damage refineries. European diesel futures closed at an all-time high last week and have more than doubled since the start of 2026. In the United States, average retail diesel prices crossed $6 a gallon for the first time on record this month. In Asia, benchmark diesel prices remained close to record levels amid disruptions to Middle Eastern and Russian supplies. Supply disruptions have also spread to the Red Sea, where Saudi Arabia loads most of its diesel. The wars have damaged refineries, deepening a global diesel squeeze and leaving limited options to prevent further price gains.