Diesel goes bananas

David Llewellyn-Smith

Wednesday 16 September 2026

War headlines today.

Oil flows via Yanbu pipeline are expected to restart within days, according to US Energy Secretary Chris Wright. Yeah, but what volume?
Not enough. Saudis cancel September-loading crude cargoes to Europe.
Following an attack in the Strait of Hormuz, Oman’s navy rescues 23 seamen. Attacks on tankers appear to be moving into the Gulf of Oman.
UKMTO reports another attack on shipping in the Strait by an unknown projectile.
Iran says it will not negotiate with Washington until MOU conditions are met.
Ukraine trashes peace talks with drone attacks on Russian refineries.

Brent, and more importantly, diesel, are unhinged.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.