Global diesel prices and refining margins spiked following the latest round of U.S. sanctions on Russia’s oil trade on expectations the measures would tighten supplies, according to analysts and LSEG data. The United States imposed its toughest sanctions on Russian producers and tankers yet on Jan. 10 to curb the world’s No. 2 oil exporter’s revenue for its war in Ukraine. Refiners in those countries have benefited from cheap Russian imports that were banned in Europe following Moscow’s invasion of Ukraine.
