IEA Numbers Point to a Two-Speed Recovery in Global Fuel Prices

AI Summary

Five months after the U.S. and Israel initiated conflict with Iran, global fuel markets remain volatile. The IEA reports that diesel prices averaged $1.94 per liter, 14% higher than pre-war levels, indicating ongoing instability in global energy markets.

Five months after the U.S. and Israel opened a war with Iran, global fuel markets still haven't settled down, and the latest IEA data prove it. The IEA's monthly end-use price tracker, updated Aug. 7 and covering prices through July, shows the average per-liter cost of automotive diesel across the countries it tracks sitting near $1.94 in U.S. dollar terms. That's roughly 14% above where it stood in February, before the war started, and it's actually higher than June, even as crude oil kept sliding through most of the summer. Gasoline tells a similar…