Global fuel prices are surging on supply risks

Upward trajectory: A worker pumps petrol into a tanker truck at an oil refinery in Salt Lake City in Utah. While pump prices are rising relatively slowly in the United States, fuel stockpiles well below seasonal norms will keep refining margins elevated. — Bloomberg

NEW YORK: Disruptions on the world’s major trade routes, refinery closures and resurgent demand are pushing up global fuel prices and making forecasts difficult in the run-up to a US presidential election in which inflation will be a key issue.

Increases in the two most-consumed fuels are outpacing those for crude oil in some of the world’s most important markets.