Ukrainian Attacks on Russian Facilities Drive Record-High U.S. Diesel Prices

U.S. diesel prices have reached record highs, soaring from $3.81 on the eve of the Iran war to $6.29 today, with most Americans indirectly feeling the pinch through trucking costs embedded in consumer products.

Experts attribute the price pressure on diesel fuel to a big uptick in successful Ukrainian attacks on Russian industrial infrastructure, particularly oil facilities.

Skip York, an energy and global oil fellow at Rice University's Center for Energy Studies, notes that Russia and the Middle East accounted for 29% of diesel shipped by sea before the Iran war, but in August alone, Russia's fossil fuel export revenues fell by 8%, according to the Centre for Research on Energy and Clean Air.

A key shipping terminal was disrupted for nine straight days due to Ukrainian drone attacks, while another port did not load any oil cargo for the third consecutive month.