Diesel prices have rallied in Europe and the United States to record highs as wars in Iran and Ukraine sharply cut exports from some of the biggest producers such as Russia, Saudi Arabia and the United Arab Emirates, with little options to prevent further gains. Diesel futures in Europe closed at an all-time high last week having more than double their level at the beginning of 2026, after supply disruptions spread to the Red Sea, where Saudi Arabia loads most of its diesel.