IEA warns of continued pressure on gasoline and diesel supply

The International Energy Agency has warned that refined fuel markets remain under strain, with pressure concentrated on gasoline and diesel amid rising summer travel demand and declining stocks. The agency said disruptions to petroleum product shipments linked to Russia and the Middle East have tightened supply, while Russian diesel export restrictions and regional tensions have limited some refineries' ability to meet demand. The IEA reported that these developments have pushed global refining margins higher, leaving gasoline and diesel prices elevated relative to crude oil. The agency cautioned that any further escalation in geopolitical tensions could intensify the strain on supply chains. Higher fuel prices are feeding into higher transportation, shipping, agricultural and industrial costs, adding to global inflationary pressure, according to the IEA. The agency said markets are watching upcoming economic data and energy reports for guidance on the direction of prices.