Last week, the price of diesel in the US hit $5.85 a gallon, beating the record of June 2022. This sharp rise in fuel price threatens everything from food prices to bond yields. The margin between crude oil and the price of diesel has soared to $100 a barrel. The amount of waterborne diesel exports has 47 million fewer barrels of diesel. Firstly, shipping through the straits of Hormuz has been severely curtailed since February. That hasn’t only blocked crude exports, it has also blocked refined products too — and the conflict has knocked out refineries directly. Responding to Hormuz...