Daily Brief: Malaysia Diesel Surges 185% as Iran War Shocks Asia

Malaysian diesel prices posted the largest global swing, surging 185.2% to $0.625 per liter and 168.6% to $0.589 per liter over the past week, according to Nexignis data. The spike comes as the Iran war pushes crude above $100 per barrel, per South China Morning Post reports, with the Council on Foreign Relations noting the conflict [news reports indicate]. Malaysia has vowed to hold petrol prices and is tapping idle biodiesel capacity to cushion shocks, as reported by Reuters and S&P Global.

In contrast, Ukrainian gasoline fell 23.5% to $1.518 per liter, bucking the regional trend. Australian gasoline rose sharply—up 23.3% to $1.356 per liter and 19.1% to $1.310 per liter—amid a fire at a domestic refinery worsening supply issues, per OilPrice.com. The BBC reports that fuel rations and free buses are among measures countries are adopting in response to rising oil prices.

Looking ahead, [news reports indicate] [news reports indicate] rationing, according to Time Magazine. U.S. gasoline has hit $4 per gallon, the highest since 2022, per CNBC, signaling further upward pressure on global fuel markets as the Iran conflict persists.