Global diesel prices and refining margins have spiked following the latest round of U.S. sanctions on Russia's oil trade, which are expected to tighten supplies. Analysts predict that up to 150,000 barrels per day of Russian diesel exports are at risk. Refiners in India and China, which have benefited from cheap Russian imports, may be impacted by the sanctions. The diesel market was already experiencing tight supply due to cold weather in the northern hemisphere. Despite higher diesel margins, Asia's complex refining margins have weakened as crude prices have risen faster than refined product prices.