A reduction in refineries has already driven the price of diesel to record highs, threatening economies. An U.S. export ban would be “tremendous shock and blow.”
Workers unloading produce in Manila, where soaring global diesel prices are driving up transport costs and pushing everyday food prices out of reach for consumers.
The higher yields, which are pressuring consumer and corporate borrowers and increasingly weighing on certain corners of the stock market, are unlikely to dissipate soon.
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