Global Fuel Demand

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China’s diesel trucks are shifting to electric. That could change global LNG and diesel demand

HANOI, Vietnam (AP) — China is replacing its diesel trucks with electric models faster than expected, potentially reshaping global fuel demand and the future of heavy transport.

https://apnews.com/article/china-truck-lng-ev-diesel-transport-70f3d612de4b45b6f954a7f557f7f741?

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More energy

Illustration: Aïda Amer/Axios

Energy is suddenly the world's biggest constraint, Axios' Amy Harder writes. Oil shocks from the Iran war are rippling through inflation and geopolitics. The AI boom is triggering a global race for electricity that grids aren't ready for. 🖼️ The big picture: We're confronting both unprecedented scarcity and demand for energy on a timeline that's considered remarkably sudden for the usually slow-moving energy sector. 🪫 The bottom line: "When energy is unavailable, unreliable or unaffordable," says Jason Bordoff, director of Columbia University's Center on Global Energy Policy, "economies slow, public anxiety rises, and policymakers have little room to focus on anything else."

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Global oil prices hit $100 per barrel

Wells at the San Ardo Oil Field in San Ardo, California, on March 9, 2026. (Nic Coury/AP)

Oil prices are climbing again as the war with Iran continues to disrupt global energy supplies. Brent crude, the global oil benchmark, rose more than 2% early today to briefly trade at $100 per barrel for the first time since July, before falling back slightly. The increase is being driven in part by reduced traffic through the Strait of Hormuz and renewed attacks on oil infrastructure in the Middle East. The rise in crude has also pushed gasoline and diesel prices higher, putting more pressure on consumers. The US national average for diesel hit a record $5.90 a gallon on Tuesday, according to AAA data.

+ Read more: Global oil prices hit $100 per barrel as Middle East conflict roils markets

+ US-Iran tensions: US hits five Iranian oil tankers + Pentagon considers ways to destroy suspected Iranian nuclear sites

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Global gas crunch

Data: Axios research. Chart: Noah Bressner/Axios The Iran war is driving up fuel prices worldwide, leading to angry protests around the globe and straining the economies of countries that have nothing to do with the war. Why it matters: The price surge squeezes consumers and strains governments trying to contain the shock — especially poorer countries with little money to spare, Axios' Ben Geman reports. What to watch: With no resolution to the conflict in sight, many governments face a hard choice — spend more money to keep prices down or face the political consequences of higher fuel costs. Dozens of nations have taken steps to cap, subsidize or lower taxes on various fuels, the International Energy Agency says. Governments are also taking steps to reduce demand, including more remote work and limiting government travel. Go deeper.