MOSCOW, March 3. /TASS/. The price of futures contracts on gasoil (LGOH), a key exchange instrument reflecting the price of this type of diesel, with delivery in March 2026 on London’s ICE exchange has exceeded $1,050 per metric ton first since November 8, 2022 amid the Middle East tensions, according to trade data.

As of 2:41 p.m. Moscow time (11:41 a.m. GMT) the price of gasoil futures contracts was up by 16.83% at $1,040.62 per metric ton. By 2:48 p.m. Moscow time (11:48 a.m. GMT) the futures price had extended gains to 17.91% reaching $1,050.24 per metric ton.

The price of futures contracts on gasoil hit its all-time high on March 9, 2022, reaching $1,665 per metric ton. Prior to this, the highest price was recorded on August 11, 2008 as it rose to $1,347.25 per metric ton.

The United States and Israel launched a large-scale military operation against Iran on February 28. Major Iranian cities, including Tehran, were struck. The White House justified the attack by citing alleged missile and nuclear threats from Iran. At the same time, US leadership openly called on the Iranian population to rise up against their government and seize power. As a result of the strikes, Iran’s supreme leader, Ayatollah Ali Khamenei, and several other senior figures in the leadership of the Islamic Republic were killed. The Islamic Revolutionary Guard Corps announced a retaliatory operation, targeting sites in Israel. US military bases in Bahrain, Jordan, Qatar, Kuwait, the UAE, and Saudi Arabia were also hit.