The price of diesel has crossed $6 per gallon for the first time in the United States. It is the outcome of the side affects of prolonging US-Iran war. This factor is adding to inflationary pressures as the US-Israel war on Iran tighten fuel supplies.
Diesel powers trucks, trains, ships, heavy machinery and farm equipment, making it vital to global supply chains. Higher prices are now raising transportation and production costs across the economy.
The increase also creates a political challenge for President Donald Trump and Republican lawmakers ahead of November’s midterm elections. Rising fuel costs could further weaken efforts to convince voters that the administration is improving affordability.
Oil prices drive fuel costs
Crude oil prices have climbed above $100 a barrel as the conflict between the United States and Iran intensifies. Brent crude settled at $107.63 a barrel on Thursday, while West Texas Intermediate reached $102.48.
US diesel prices have risen nearly 60% since Washington and Israel attacked Iran in late February. The conflict has disrupted shipping through the Strait of Hormuz, which previously carried about one-fifth of global oil supplies.
Supply pressures have also increased because Russia extended restrictions on diesel exports while several refineries remain offline after repeated Ukrainian drone attacks.
Chinese fuel export restrictions have further tightened global diesel supplies. Meanwhile, US diesel inventories remain 13% below their five-year average at 106.3 million barrels, according to the Energy Information Administration.
GasBuddy analyst Patrick De Haan warned that record diesel prices would increase costs across transportation and supply chains, potentially fueling another wave of inflation.
The White House said Trump remains focused on expanding US refining capacity and reducing energy costs. However, Trump acknowledged that relief from higher oil prices may not arrive before the November elections.
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