UK inventories of diesel and jet fuel are set to shrink to their lowest since 2023 this month
3-MIN READ3-MINBloombergPublished: 7:20pm, 20 May 2026The UK moved to loosen its Russian sanctions in a controversial move aimed at preventing shortages of diesel and jet fuel, as the war in Iran eats into global oil buffers.The move highlights how Britain has become more reliant on fuel imports than other major European nations, and has prompted political backlash over the government’s commitment to support Ukraine.The European Union is not currently planning a similar measure, according to people with knowledge of the matter, who asked not to be named discussing non-public information.AdvertisementThe general licence takes effect on Wednesday with “indefinite duration and shall be periodically reviewed.” The measure, which applies only to diesel and jet fuel, comes as swathes of global oil production remain disrupted by the Iran war, with those products particularly hard hit.Petrol and diesel prices are displayed at a motorway services station near Leigh Delamere in Britain on April 16. Photo: ReutersFuel prices have soared since the conflict started at the end of February, disrupting refinery output in a region that Europe relied on for supplies and bolstering global competition for available barrels.
