Oil and Fuel Prices Jump as Russia Extends Diesel Export Ban Through October

Crude oil and refined product prices rose sharply on Wednesday, driven by tightening global supply and Middle East tensions. November WTI crude rose 2.70% to gain $2.41, while November RBOB gasoline surged 4.22%. The gains followed Russia's decision to extend its ban on diesel, marine fuel, and gasoil exports through October 31 to protect domestic supply after Ukrainian drone strikes idled 1.4 million barrels per day of refining capacity. Compounding supply pressure, US distillate stockpiles fell 2.25 million barrels and gasoline inventories dropped 1.7 million barrels to a near 12-year low, even as US crude output hit a record 13.955 million bpd.