U.S. diesel prices reach new peak

Diesel prices in the United States have risen to a record high, reaching an average of $5.820 per gallon, surpassing the previous peak recorded in June 2022. This surge is due to worsening global supply shortages, particularly following renewed hostilities between the U.S. and Iran, and attacks on Russian refineries. Prices are expected to continue climbing amid seasonal demand from farmers, transportation companies, and preparations for the winter heating season. This could have widespread impacts on transportation and production costs, as well as food prices, with inventories falling to their lowest levels since 1982.

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