US EditionDiesel Tops $5 a Gallon for the First Time Since 2022. Here's What It Means for the Economy.
Diesel prices surged 34% since early March due to Iran conflict and shipping disruptions, tightening global oil markets and pushing benchmarks above $100 a barrel, AAA data shows.
- On Tuesday, U.S. diesel reached $5.04 a gallon, the highest since December 2022, AAA data show, rising from $4.78 a week earlier and $3.65 over a month ago.
- The war with Iran has reduced ship traffic through the Strait of Hormuz and led to attacks on energy infrastructure, constraining supply and pushing Brent crude above $104, as analysts say.
- Since March 1, diesel has climbed 34% while gasoline rose 27%, partly due to preexisting shortages and increased heating oil demand, analysts said.
- Transportation and logistics firms warn of immediate cost pressures as diesel rises, prompting the U.S. to consider military escorts and calls for allies to help reopen the strait.
- Markets are bracing for prolonged volatility as the International Energy Agency plans a 400 million barrel emergency release, including 172 million barrels from the United States' Strategic Petroleum Reserve, while global investors eye long-term alternatives like renewables and electric vehicles.
11 Articles
11 Articles
Oil Prices Climb As US‑Israel War In Iran Enters Third Week
Ever wonder why filling up your car feels like a punch to the wallet lately? Blame the Strait of Hormuz. Oil prices jumped again Monday after fresh attacks on Middle East energy facilities, with Brent crude hitting $104 a barrel and WTI nudging just below $100. That’s a 40% surge since the US-Israeli strikes on Iran triggered Tehran to effectively close the vital chokepoint. About a fifth of the world’s oil usually flows through it.The war shows…
The price at the pump has a unique influence on how Americans perceive the state of the country. Its outbreak, caused by the conflict in the Middle East, could weigh heavily in the November elections.
U.S. Energy Companies Could Bring In BILLIONS If War In Iran Continues
United States energy companies could bring in billions of dollars if the war in Iran continues. The global rise in energy prices, which has resulted from the U.S.-Israeli war against Iran, will make the U.S. one of the biggest beneficiaries. The Financial Times (FT) [behind a paywall] has reported that the U.S. stands to make billions of dollars from the rising cost of fuel, while citing estimates provided by the investment bank Jefferies. Oil …
Gasoline prices are still rising as the Iran war stretches into its third week
U.S. gasoline prices are up nearly 80 cents from a month ago, while diesel prices have shot up even more. Diesel is now just under $5 a gallon, according to AAA, up $1.34 from last month.
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