U.S. diesel tops $6 per gallon amid Ukraine and Iran conflicts
U. S. diesel reached a record above $6 per gallon, the highest level on record, as supply disruptions linked to the wars in Ukraine and Iran tightened markets, CNBC reported. Earlier, Reuters also noted the national average breaking the $6 barrier, while CBS said diesel prices were up 61% year-over-year and were approaching $6 per gallon. PBS attributed the price spike to Middle-East tensions, reduced crude flow through the Strait of Hormuz and tight refinery operations.
AP earlier reported a record $5. 85 per gallon amid the Iran-Israel conflict, and The Drive highlighted a 50% rise from $3. 70 to $5. 60 per gallon over the previous year.