Diesel Prices Soar to Record Highs Amid Iran War Disruptions

The U.S. is experiencing record-high diesel prices, which have more than doubled since the start of the war with Iran in late February. The national average price for diesel hit $5.85 per gallon on September 4 and has continued to rise, reaching an average of $6.05 per gallon by Friday, according to AAA.

For farmers like Jason Kurtz, who harvest corn and soybeans near Forest City, Missouri, the increased cost is a major concern. 'Those prices hurt,' said Paul Mitchell, a professor of agricultural and applied economics at the University of Wisconsin-Madison. 'And it's not just the harvesting. It's the hauling of everything.'

Kurtz estimated that he would need 6,000 gallons of diesel to complete his harvest, which is twice as much as last year. He also had to pay more for fertilizer and chemicals this year.