Diesel price hits all-time high in US amid Iran war woes

The price of diesel in the United States has reached an all-time high of $5.85 per gallon, driven by the ongoing conflict with Iran. This surge, recorded on Friday, surpasses the previous record set in June 2022. Diesel powers essential transportation and machinery, so this price increase is expected to raise costs for various products, including groceries. Gasoline prices also hit a record for this time of year, reaching $4.14 ahead of the Labor Day weekend. These rising fuel costs are occurring just weeks before the November midterm elections, where the cost of living is a significant concern for voters. The article notes that gasoline was priced below $3 per gallon before the Trump administration's involvement in the conflict with Iran.

US diesel prices have reached an all-time high of $5.85 per gallon, significantly increasing costs for commercial vehicles like trucks, trains, and buses. This surge, which began at the end of February, is attributed to the ongoing US-Israel conflict with Iran and a corresponding rise in wholesale oil prices. The current average price is substantially higher than last year's $3.71 and surpasses the previous record set after Russia's invasion of Ukraine. In response, President Trump has announced a new oil deal with Venezuela, aiming to lower gas prices for Americans. This agreement involves the development of strategic oil fields and a joint venture where the US government will hold 55% control.