Diesel shortages grip global markets, with prices surging to unprecedented highs, threatening industries and transportation. Refineries struggle to meet demand amid production setbacks and reduced output from major oil-producing nations. Lingering concerns over supply persist, impacting economies worldwide.
Oil prices rebounded on Monday on hopes of increased fuel demand during China's May Day holiday and planned supply cuts by the OPEC+ alliance. However, refining margins in Asia have weakened, curbing the region's appetite for Middle East oil supplies.