The recent U.S.-Israel joint attack on Iran, and Iran’s subsequent retaliation against Middle Eastern energy facilities, have resulted in crude oil prices surging by over $10 per barrel. This spike has pushed gasoline prices to their highest point since President Trump’s inauguration. Despite the president’s claims that prices would soon fall, commentators have pointed to a pattern of escalating oil prices and geopolitical conflict under his administration, suggesting these events are not accidental.
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Fuel shortages of AI-92 and AI-95 gasoline are emerging in several Russian regions, stemming from Ukrainian drone attacks on oil refineries. These attacks have disrupted supply chains, particularly affecting independent filling stations that lack the resources to stockpile fuel. Regional authorities claim disruptions are due to supply chain issues and anticipate a return to normal. To mitigate rising prices, the St. Petersburg International Mercantile Exchange has tightened trading rules for diesel and gasoline, reflecting rising prices despite earlier restrictions.
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On August 4, the price of Ai-95 gasoline reached a record high on the St. Petersburg International Mercantile Exchange, exceeding 77,000 rubles per ton. This price surge is attributed to recent Ukrainian drone attacks targeting Russian oil refineries, particularly the one in Ryazan Oblast. These attacks have damaged facilities, potentially impacting the processing of 40,000 tons of crude oil per day and requiring extensive repairs. This price increase occurs shortly after Russia implemented a gasoline export ban to stabilize the domestic market, with prior bans implemented to address fuel shortages and high prices.
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John Q. Hosedrinker