US diesel prices exceeded $5 a gallon for the first time since December 2022, as the war in Iran continues to disrupt energy supplies.
The nationwide average retail price hit $5.044 a gallon on Monday, according to the American Automobile Association, increasing by more than a third since the conflict started.
Prices have risen more quickly than most other petroleum-based products because Persian Gulf refineries are significant suppliers, exposing consumers in the US, Asia, and Europe.
In Europe and Asia, jet fuel has risen above $200 a barrel, and fuel oil is nearing $140 a barrel.
Oil prices rose 4% on Tuesday after U.S. Treasury Secretary Scott Bessent said that the U.S. was permitting Iranian oil tankers to pass through the Strait of Hormuz.
By CEO NA Editorial Staff
