EU oil product prices hit records amid Strait of Hormuz crisis — Platts

MOSCOW, March 24. /TASS/. Prices of oil products in Europe are gradually moving toward historical highs amid ongoing disruptions to shipping through the Strait of Hormuz. According to Platts data following trading on March 20, near-record levels were recorded in the diesel market as well as for several other products. According to the Platts report, the ICE low-sulfur gasoil (ICE LSGO) futures contract (the main distillate benchmark in Europe, equivalent to Russia’s Euro-5 diesel standard) rose by $17.25 to $1,349.25 per ton, which is the highest level since June 9, 2022, when the indicator stood at $1,385 per ton. However, spot prices showed even stronger growth. The price of diesel with sulfur content of 10 ppm on CIF Northwest Europe (NWE) terms was assessed at $1,505.25 per ton, exceeding the previous peak of $1,463 per ton. The indicator for the Mediterranean (CIF MED) reached $1,470.75 per ton, also surpassing the previous record of $1,440.75 per ton.