US crude jumps 4.38% to settle at $105.83, diesel sets fresh record above $5.26
US crude futures settled at $105.83 a barrel, up $4.44, as diesel futures closed above $5.26 a gallon, the highest settlement on record.
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Chart: USO, a fund that tracks crude, daily closes either side
Investing.com has reported that crude spikes in this period have been tied to Middle East tensions, including disruptions to Gulf shipping and attacks on tankers, along with Ukrainian drone strikes on Russian refineries and the wider effects of the Russia-Ukraine war on energy supply.
UBS energy analyst Giovanni Staunovo told Daily Sabah that diesel and other refined products can post steeper gains than crude itself when Gulf shipping constraints and Russian refining outages persist, which helps explain why diesel and crude prices do not always move in step.
The 4.4% jump in crude points to real volatility in energy markets, though on its own, without a clearer read on what is driving the day's move or how it fits the broader trend, it does not amount to a shift in the fundamental outlook. Diesel's record is more pointed for households and businesses, since the fuel underpins transportation costs and its climb reflects immediate supply and geopolitical pressures rather than a change in demand.