GLOBAL DIESEL SCRAMBLE SENDS SHIPS ON EXTREME ROUTES Surging fuel prices from the Iran war are forcing traders into unusually long and costly shipping routes. Tankers are now traveling over 12,000 miles—like a UK-loaded vessel heading to Australia—as higher Asian prices pull fuel away from Europe. Despite Europe facing diesel shortages, Asia’s supply crunch is even worse, driving a global tug-of-war for fuel. The disruption is fueled by the Strait of Hormuz closure and reduced refining, creating what the IEA calls a record supply shock. Unprecedented flows are emerging, with multiple tankers rerouting from the US and Europe to Australia and Asia. The longer the Hormuz disruption lasts, the tighter global supply becomes—raising the risk of shortages, especially in Europe.(*Walter Bloomberg)