US Diesel Tops $6 a Gallon for the First Time

The average price of diesel in the United States surpassed $6 a gallon for the first time on record this week, according to readings from AAA and the fuel tracker GasBuddy, as the conflict with Iran pushed crude oil back above $100 a barrel and global refinery supply tightened. The national average stood at $6.06 a gallon in AAA's latest reading, up eight cents in a week, after breaking the previous record of $5.82 set in June 2022 following Russia's invasion of Ukraine. Diesel costs have risen more than 55 percent since the war with Iran began, outpacing a roughly 40 percent increase in gasoline prices, according to an analysis of AAA data. Analysts attribute the squeeze to two factors: oil futures surging above $100 a barrel, with Brent settling at $107.63 and West Texas Intermediate at $102.48 on Thursday, and a shortage of refining capacity. Refineries in the Middle East and Russia have been damaged by the fighting, Ukraine has struck Russian refinery facilities, Russia has limited its diesel exports to address shortages at home, and China has restricted its own exports.