The war in Ukraine has been a driving force in oil markets in recent days.
, Russian sent around 3.8 million barrels of oil per day to the European Union, where refineries turn it into gasoline and diesel fuel.
“Higher prices could be around the corner,” said Bjornar Tonhaugen, head of oil markets research at Rystad Energy. “The oil market has not fully priced in the potential of an EU oil embargo, so higher crude prices are to be expected in the summer months if it’s voted into law.” Diesel for trucks and farm equipment has risen even more over a year ago, by $2.34, to $5.43 per gallon.
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