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Factors Behind Rising US Diesel Prices
The rise in diesel prices in the United States is primarily due to the impacts of the war in the Middle East, specifically the decline in Gulf exports and the blockage of the Strait of Hormuz, as well as targeted attacks on oil refineries. These factors have led to a significant decrease in Russian diesel supplies, dropping by up to 80% in the third quarter of 2026. This decline pushed the benchmark diesel price in the U.S. market to $6.53 per gallon by the end of September, compared to $3.75 before the war, fueling inflation and exerting political pressure on Republicans ahead of the November midterm elections. Meanwhile, Trump blames Kyiv for the rising prices through its attacks on Russian refineries and is trying to boost efforts to import Russian diesel. However, the impact of these measures on reducing prices is limited, and a rapid decline before the elections is unlikely.
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