Abu dhabi: Diesel prices in the United States and Europe rose sharply on Monday amid disruptions to supplies of refined oil products, including diesel fuel. US ultra-low sulfur diesel futures surged 7.4% to settle at $4.19 per gallon on Monday, marking their largest single-day gain since July 13. In Europe, diesel refining margins-measured by the spread between the price of refined fuel and the cost of crude oil-rose by approximately 10%.

According to Emirates News Agency, The price rally comes as US distillate inventories, which include diesel and heating oil, stood at 107.2 million barrels as of July 31, reaching their lowest level for this time of year in three decades. This significant drop in inventories has exacerbated concerns about supply constraints, contributing to the upward pressure on diesel prices. The tightening supplies in both regions highlight the ongoing challenges in the energy markets, which are grappling with fluctuating demand and geopolitical factors affecting oil production and distribution.