Diesel Prices Reach Record High Amid Strait of Hormuz Disruption and Russia-Ukraine War

The average price for a gallon of diesel has hit a record high of $6.43 due to ongoing disruptions in the Strait of Hormuz and Russia's invasion of Ukraine, according to GasBuddy data.

The historic increase comes as the U.S.-Israeli attack on Iran in February continues to have far-reaching effects, with oil prices still above $100 a barrel. Brent crude oil prices were around $103 per barrel, down 1.3% from Friday's close, while WTI crude oil was trading at around $102 per barrel.

Rising fuel costs are a concern for households reliant on heating oil, which could face winter bills more than 31% higher than last year, according to the National Energy Assistance Directors Association. Overall winter heating costs are expected to rise by more than 8.7% this year, affecting drivers and homeowners alike.