Diesel Prices Hit $5 a Gallon Again, Up 33% Since Start of Iran War

The average price of diesel in the United States rose above $5 a gallon on Thursday, up 33 percent since the start of the war with Iran as the reignited conflict continued to inflate energy prices.The average national price on Thursday was $5.01, according to the AAA motor club, up 7 cents from the day before.Soaring prices of diesel can reverberate across the rest of the economy because of its many uses, including industrial machinery, commercial transport and electricity generation.U.S.diesel prices first surpassed $5 a gallon in March, the highest level since 2022 when Russia invaded Ukraine.

The prices retreated below $5 in June after Iran and the United States announced they had signed a memorandum of understanding that was meant to quell the fighting in the Strait of Hormuz, a critical thoroughfare for the world’s oil.But renewed strikes between the United States and Iran in the strait have slowed shipping nearly to a halt.On Monday, President Trump said he would reinstate a naval blockade on Iranian ports and mused about making Persian Gulf states invest in the United States in exchange for military protection while transiting through the strait.And while the market for oil is tight, the squeeze on the market for diesel and gasoline has been even tighter.

Many refineries around the world that turn crude oil into fuel have shut down or are producing at lower levels.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe....