The average price of diesel in the United States has reached a record $5.89 per gallon, surpassing the previous high recorded in 2022 following Russia’s invasion of Ukraine.
The rise comes amid disruption to global energy markets linked to the ongoing US-Iran conflict, including concerns over oil shipments through the Strait of Hormuz. Attacks on Russian refineries have also added pressure to global diesel supplies.
Diesel prices in the US have risen by about 55% since February, according to Reuters, while inventories on the East Coast have fallen to around 19.3 million barrels, among the lowest levels on record.
Petrol prices have also increased, with the national average reaching about $4.03 per gallon during this year’s Labor Day holiday period.
Analysts warn that continued disruption to oil supplies could push fuel prices higher in the coming months, increasing transport, farming and production costs and adding further pressure on consumers.
