War with Iran is exacerbating the global fuel crisis

▪️Despite the new round of conflict in the Middle East, oil prices are far from their spring highs, as a critical oil shortage has not yet developed in the market, notes The Economist

▪️The situation is fundamentally different for fuel, whose production remains 8 million barrels per day below pre-war levels

▪️As a result, prices for diesel fuel, jet fuel, and gasoline are already 35–70% higher than before the war began

▪️The main causes are the destruction of production infrastructure in the Gulf states and export restrictions from Russia and China

▪️The world is already on the verge of drawing down strategic fuel reserves, which will inevitably lead to another price spike—first for the fuel itself, and then for oil—as The Economist emphasizes

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