US Diesel Hits Record $6.05 a Gallon Amid Iran War

The average price of diesel in the United States reached a record $6.05 per gallon on Friday, according to motor club AAA, crossing the $6 threshold for the first time and deepening concerns about rising costs for consumers, businesses and farmers. The national average stood at $5.85 last week and about $3.70 before the U.S. and Israel launched their war against Iran in late February, meaning diesel has climbed roughly 60 percent since the conflict began. Price tracker GasBuddy reported diesel surpassed $6 on Thursday, when Brent crude closed at $107.63 a barrel and West Texas Intermediate finished at $102.48, the highest levels in months.

Analysts attribute the surge to the war's disruption of shipping through the Strait of Hormuz, a chokepoint that once carried about a fifth of the world's oil, combined with a global squeeze on refining capacity. Ukrainian drone strikes on Russian refineries have sharply reduced Russia's ability to produce diesel, prompting the Kremlin to impose a diesel export ban that runs at least through the end of September. Tightened fuel export restrictions from China have added further pressure.

Because diesel powers trucks, trains, cargo ships and...