Diesel Prices Hit Record High Amid Middle East Tensions

The price of diesel has reached an all-time high of $6.05 per gallon, fueled by escalating tensions in the Middle East and ongoing conflict between Ukraine and Russia.

The International Energy Agency points to hostilities between the US and Iran as well as fighting between Saudi Arabia and the Iran-backed Houthis in Yemen as contributing factors to the surge in oil prices.

Average diesel prices have increased by 20 cents from last week's record high of $5.85, with a year-over-year comparison showing that diesel was priced at $3.70 per gallon in 2022.

Experts warn that these record diesel prices will have far-reaching implications for the broader economy and everyday Americans, particularly during the holiday season.