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European diesel refining margins surge as US-Iran conflict escalates

ReutersMar 2, 2026 10:32 AM

- Benchmark European diesel refining margins LGOc1-LCOc1 rose nearly 25% on Monday, to their widest since November 20, as the U.S.-Iran conflict disrupted supplies in the Middle East.

Margins traded at $30.75 a barrel at 1020 GMT, up by nearly $6, after hitting a session high of $33.76 earlier.

Saudi Aramco 2222.SE shut its 550,000 barrel-per-day (bpd) Ras Tanura refinery on the kingdom's Gulf coast after it was hit by a drone, an industry source said on Monday.

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