Russia bans diesel exports; global prices spike.

Russia’s surprise ban on diesel exports this week has sent shockwaves through global energy markets. The move worsens an already tight supply of the industrial fuel, driving prices sharply higher—even in countries that no longer buy Russian diesel. Diesel is the most widely consumed oil product in the world. It powers industrial machinery, farm equipment, heavy trucks, and electricity generators. Because of its many uses, a price spike can quickly ripple through the entire global economy. Supply of diesel has been strained for years. The new export ban from Moscow adds more pressure, raising fears of further price increases and potential shortages in key markets.