The head of TotalEnergies said the European Union’s ban on diesel produced from Russian crude is having a stronger-than-anticipated impact on fuel markets, pushing up diesel prices worldwide. With supplies now sourced from farther afield—primarily the United States and the Middle East—transport costs are climbing, adding to the tightness. A parallel shift by refiners toward lighter grades of crude is further tightening the market, the CEO warned, describing the situation as a structural squeeze that could keep prices elevated. In contrast, the executive described the inflationary effect of recently imposed U.S. steel tariffs as “very reasonable,” suggesting the broader energy-price pressure stems chiefly from refined-product restrictions rather than metals policy.