Iran War Helps to Drive U.S. Diesel Prices to New High

Diesel fuel prices jumped to a record high on Friday in the United States, as the war in Iran continued to restrict the supply of energy worldwide, further squeezing businesses that rely on diesel to run their factories and equipment.The national average price of a gallon of diesel reached $5.85 per gallon, according to the AAA motor club, up more than 55 percent since the war started.That surpassed the previous peak, set four years ago during the global energy crunch caused by Russia’s full-scale invasion of Ukraine.Other refined petroleum products, like gasoline and jet fuel, have also soared.

Gasoline cost $4.15 a gallon on Friday, on average, up nearly 40 percent since the war began, according to AAA.Over the past six months, “global prices of all main refined products have increased more than crude prices,” analysts at Goldman Sachs wrote in a research note.The price of Brent crude oil, the international benchmark, traded at around $96 a barrel on Friday, up about 30 percent since the start of the war.Diesel fuels are used by many commercial vehicles, including farm equipment and freight trucks.

Higher fuel costs make it more expensive for business owners to run factories and ship products.Some businesses have passed on the higher costs to customers through fuel surcharges, and UBS recently cited higher diesel prices as a growing risk for homebuilders.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.

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