Diesel prices in Europe have surged due to the Red Sea shipping chaos, triggered by Houthi militant attacks on merchant shipping and compounded by maintenance work at oil refineries. This increased cost of shipping has pressured Europe's supply chain and contributed to a weak start for UK manufacturing in 2024, as indicated by the PMI. Oxford Economics forecasts that the shipping disruptions will likely maintain high transport costs for months and could result in a peak lift of 0.3 percentage points to eurozone headline inflation and 0.4 percentage points to core inflation in 2024, predominantly in the second half.
Red Sea crisis exposing EU energy weakness – FT Diesel prices have jumped amid fears of disruptions in supply to the bloc, according to the outlet https://t.co/7659S3gFcJ https://t.co/TRmXrDiEw2
Shipping disruptions through the Red Sea will likely keep transport costs elevated for months,” likely resulting “in a peak lift of 0.3ppts to eurozone headline and 0.4ppts to core inflation in 2024, with the brunt of the impact coming in H2:” @OxfordEconomics
⚠️ RED SEA DISRUPTION HITS UK MANUFACTURING AT START OF 2024 - PMI (Reuters) British manufacturing started 2024 on a weak footing, recording an 18th consecutive month of contraction as orders fell and disruption to Red Sea shipping delayed deliveries, a survey showed on… https://t.co/FrTy0G3kC1
Bloomberg: Diesel prices are rising in Europe due to shipping chaos in the Red Sea. https://t.co/YOPulEJ6NI
The Price of Diesel in Europe Is Being Boosted by Red Sea Shipping Chaos Supply also subject to maintenance work at oil refineries Increased cost of shipping pressures Europe’s supply chain #oott https://t.co/QtPgA97wS0
Bloomberg: Diesel prices in Europe rise due to shipping chaos in the Red Sea
Update: Bloomberg: Diesel prices in Europe rise due to shipping chaos in the Red Sea.
The price of diesel in Europe is being boosted by Red Sea shipping chaos https://t.co/FdHnjBcVOW via @JWittels https://t.co/22YEHQ66o2
Attacks by Houthi militants on merchant shipping are boosting the price of diesel in Europe https://t.co/AOO5Nsi4Gt