Analysts expect the global diesel shortage to last well into 2027 because Middle East refineries damaged by Iranian strikes and Russian refineries are still offline. Stopgaps such as the Trump-Putin diesel deal aren't expected to ease the tight market much.
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Oil prices fell as traders weighed diplomacy to ease tensions in the Persian Gulf and watched Israel's election. Brent dropped nearly 2% to settle below $114 a barrel, WTI settled just under $100, and gasoline and diesel futures fell about 3%.
Saudi Arabia contained a fire near Aramco facilities at Ras Tanura, its biggest oil export terminal, after an attack in the region early Tuesday, according to a person with knowledge of the matter. The extent of the damage was unclear, and Saudi energy sites have been hit repeatedly by Houthi attacks in recent weeks.
Seven core OPEC+ members are expected to keep December production targets unchanged when they meet Sunday, Nov. 1, people familiar with the talks told Reuters. Ongoing Middle East supply disruptions are complicating the group's planning.
The Trump administration is preparing to ease federal methane emission rules for oil and gas producers, revising parts of the 2024 Biden-era regulations. The EPA estimates the changes could save the industry about $45 billion in compliance costs.
