Why oil prices are about to surge
A refined fuel shortage threatens the global economy despite crude oil gluts, as conflicts in Ukraine and the Middle East cripple refining capacity. Russia has banned diesel exports after Ukrainian strikes damaged 25-45 percent of its refineries, while China and Turkey have implemented similar restrictions. Oil prices at $85 a barrel remain artificially restrained by market distortions.
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Summary by OZbrief Editorial · ABC News – Top stories · Source
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Published 17 Jul 2026, 18:52 UTC · Updated 17 Jul 2026, 19:00 UTC
Summary by OZbrief Editorial. Original report: ABC News – Top stories. Editorial policy · Corrections