# Global diesel prices soar as bans on Russian supplies add to tightness

> NYMEX ULSD futures settled at $4.4373 a gallon on March 8, 2022, up 51.58 cents on the day and $1.54 since the Russian invasion of Ukraine began on February 24. European low sulfur gasoil hit a record high as Russia supplies over 60% of Europe's diesel imports, and the UK and US announced bans on Russian oil imports.

- Date: 2022-03-08 · published 2022-03-08T12:00:00.000Z
- Category: geopolitics · region Global · magnitude high
- Page: https://feedsoft.ai/events/4724-global-diesel-prices-soar-as-bans-on-russian-supplies-add-to-tightness
- Commodities: [ULSD / Diesel](https://feedsoft.ai/c/DIESEL.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

Sanctions on Russian diesel threaten a major share of European supply, pushing prices higher and drawing US exports to Europe, which tightens US supply. Higher diesel costs raise feed transport and processing expenses.

## Read by commodity

- BRENT: bullish ▲
- DIESEL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| DIESEL | 2025-01-17 | [Global diesel prices spike as US hits Russia with new sanctions](https://feedsoft.ai/events/11452-global-diesel-prices-spike-as-us-hits-russia-with-new-sanctions.md) | -3.6% | -5.3% |
| DIESEL | 2025-10-28 | [Global refining margins soar as sanctions threaten Russian supplies \| Reuters](https://feedsoft.ai/events/22593-global-refining-margins-soar-as-sanctions-threaten-russian-supplies-reuters.md) | -1.4% | -1.1% |
| DIESEL | 2025-07-28 | [EU Russia sanctions add fuel to red-hot global diesel market](https://feedsoft.ai/events/23943-eu-russia-sanctions-add-fuel-to-red-hot-global-diesel-market.md) | -4.4% | -3.8% |
| DIESEL | 2025-09-24 | [Diesel Traders Bet on Price Spike as Russia Refineries Hit - TT](https://feedsoft.ai/events/23065-diesel-traders-bet-on-price-spike-as-russia-refineries-hit-tt.md) | -0.1% | -5.3% |
| DIESEL | 2023-09-13 | [Global diesel shortage boosts prices](https://feedsoft.ai/events/34293-global-diesel-shortage-boosts-prices.md) | +1.6% | -8.8% |
| BRENT | 2025-01-17 | [Global diesel prices spike as US hits Russia with new sanctions](https://feedsoft.ai/events/11452-global-diesel-prices-spike-as-us-hits-russia-with-new-sanctions.md) | -4.1% | -8.0% |
| BRENT | 2023-09-13 | [Global diesel shortage boosts prices](https://feedsoft.ai/events/34293-global-diesel-shortage-boosts-prices.md) | +2.6% | -3.9% |
| BRENT | 2022-01-25 | [Oil rises on concerns global political risks could tighten supplies](https://feedsoft.ai/events/43293-oil-rises-on-concerns-global-political-risks-could-tighten-supplies.md) | +5.5% | +10.6% |

## Sources

- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/crude-oil/030822-global-diesel-prices-soar-as-bans-on-russian-supplies-add-to-tightness

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.