Commodities
US Diesel Prices Hit Record High Amid Iran Conflict
Diesel prices in the United States have hit a record high of $5.85 per gallon, driven by disruptions to global oil supply caused by the escalating conflict between the US and Iran.
The war has resulted in a sharp decline in tanker traffic through the Strait of Hormuz, which moves around 20 million barrels of oil every day.
Diesel prices have outpaced gasoline since fighting broke out earlier this year, with diesel futures surging by about 45% compared to around 35% for gasoline.
The shortage is particularly affecting farmers and small trucking operators, as diesel is not optional for planting season or freight delivery.