US Diesel Crack Spread Hits Record $102 Per Barrel
Global diesel markets face a severe crisis as US crack spreads hit record highs amid Russian refinery collapses and Strait of Hormuz instability.
The US diesel crack spread reached an unprecedented record of $102 per barrel on August 18, 2026, signaling a severe global fuel crisis. This price spike results from a combination of instability in the Strait of Hormuz and a sustained Ukrainian drone campaign targeting Russian energy infrastructure.
The Federal Government of Russia responded to the infrastructure damage by banning gasoline exports in April 2026 and diesel exports in July 2026. Russian refining throughput collapsed to approximately 4 million barrels per day from historical levels of 5.0-5.5 million, with diesel production falling to 1 million barrels per day. Analysts estimate that Ukrainian strikes removed roughly 1.1 million barrels per day of refined products from the global market.
Russian Deputy Prime Minister Alexander Novak stated that some refineries will return to service soon. However, industry experts warn that gasoline exports are unlikely to resume until 2027, leaving global markets without an exporter capable of fully offsetting the supply loss.
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