US Diesel Prices Hit Record High Amid Iran Tensions
US diesel prices have hit an all-time high of $5.85 per gallon amid rising tensions between the US and Iran. The surge in diesel prices has been driven by supply chain disruptions in West Asia, particularly through the Strait of Hormuz, which accounts for a fifth of the world's traded oil.
The average price of diesel has increased by 56% since February 28, when it was around $3.76 per gallon. This has had a ripple effect on various industries, including trucking, agriculture, and manufacturing, as higher transportation costs are being passed on to consumers through added fees on online orders and mailed packages.
Experts warn that price hikes could worsen if diesel remains expensive for an extended period. The situation constitutes another challenge for Republicans ahead of November's midterm elections, with President Donald Trump's approval rating slumping over his management of the economy and the fallout of the war he launched against Iran.