Diesel Prices Skyrocket as Strait of Hormuz Tensions Escalate
U.S. diesel prices surged above $100 per barrel for the first time ever due to ongoing tensions in the Strait of Hormuz, exacerbating record oil prices and fuel costs.
The national average on-highway diesel price rose 20 cents to $5.454 per gallon, according to data from the U.S. Energy Information Administration (EIA), while gas prices increased by 4 cents to $4.049.
Crude oil prices jumped above $90 per barrel for the first time since July as tensions in the Strait of Hormuz continue.
The current conflict has led to renewed uncertainty over the Strait's safety, with President Trump threatening to bomb Oman and releasing a new list of demands aimed at Iran.
As a result, diesel prices are expected to rise further, affecting drivers and the trucking industry nationwide.