Diesel is the real Iran war casualty: refining losses and decades-low stockpiles
Brent retreated from its $118 war peak, but refined fuels haven't: European diesel is up over 70% and U.S. diesel margins hit a record $100 as the war knocked out 20% of Middle East refining capacity and Russian throughput fell 30%. Fuel stockpiles are draining fast, with U.S. diesel inventories at 30-year seasonal lows, keeping inflation pressure alive.