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US Diesel Prices Hit Record High Amid Iran War
Diesel is a fuel used by trucks, farms, factories and many machines.
Its average price in the United States reached a record $5.85 per gallon.
Gasoline and crude oil also became more expensive.
A conflict involving Iran has disrupted the movement and production of fuel.
The Strait of Hormuz, an important oil-shipping passage, was effectively closed by Iran according to the articles.
Damage to refineries has made it harder to turn crude oil into diesel and gasoline.
Businesses are paying more to move goods and operate equipment.
Some companies are charging customers extra fees to cover the higher fuel costs.
These increases could eventually make food and other everyday products more expensive.
The US national average diesel price reached a record $5.85 per gallon on Friday, according to AAA.
Gasoline averaged $4.15 per gallon, while Brent crude traded near $96 a barrel.
Diesel prices have risen more than 55% since the conflict began, surpassing the previous record set during the energy crisis following Russia’s invasion of Ukraine.
Higher diesel costs are increasing expenses for freight, delivery, farming, factories and other diesel-dependent businesses.
The fuel disruption has been linked to attacks involving the United States, Israel, Iran, Ukraine and Russia, including damage to refineries and reduced exports.
- Who
- US consumers, businesses and industries that depend on diesel are affected; the disruption involves the United States, Israel, Iran, Ukraine and Russia.
- What
- US diesel prices reached a record national average of $5.85 per gallon amid disruptions to global fuel supplies.
- Where
- The price increase was recorded in the United States, while supply disruptions affected global energy markets and the Middle East.
- When
- The record was reported on Friday; one article says the conflict began on February 28, while another describes it as six months old.
- Why
- Attacks, refinery damage, the effective closure of the Strait of Hormuz and Russia’s refined-fuel export ban have tightened supplies.
Key facts
- US diesel average
- $5.85 per gallon, a record high
- US gasoline average
- $4.15 per gallon on Friday
- Brent crude
- About $96 per barrel on Friday
- Diesel price increase
- More than 55% since the conflict began
- Gasoline price increase
- Nearly 40% since the conflict began
- Strait of Hormuz
- A passage through which roughly one-fifth of the world’s oil and significant petroleum-product volumes typically move
- Russian fuel exports
- Russia imposed a refined-fuel export ban through the end of September
Sources
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