Fuel Price Surge: Diesel Exceeds $5/Gallon in the US

The average retail price of diesel in the United States has exceeded $5 per gallon, reaching levels last seen in December 2022, following Russia's invasion of Ukraine.

According to GasBuddy data, the national average diesel price in the US surpassed the $5 mark on Monday. Economists warn that rising diesel prices may slow global economic activity.

The conflict between the United States, Israel, and Iran has disrupted global diesel supply chains, as the Middle East is a key supplier. The near-total blockade of the Strait of Hormuz significantly impacts global maritime oil transport.

Additionally, the reduction in crude oil flows to Asian refineries has led to production cuts. So far, measures to curb prices have not been effective.

Meanwhile, the average price of gasoline in the US is $3.76 per gallon, the highest level since October 2023.