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U.S. diesel prices near April peak as Middle East and refinery shocks hit
AAA data show the U.S. retail diesel proxy rose to $5.69 per gallon, with the surge linked to Strait of Hormuz disruptions and tighter Russian refinery exports.
OilPrice reports that U.S. diesel prices are closing in on their April peak, which marked the highest level since mid-2022. The outlet links the move to the knock-on effects of higher diesel costs across freight, agriculture, construction, and heavy industry, including renewed pressure on food inflation, consumer sentiment, and business margins.
According to OilPrice, the nationwide average retail price reached $5.69 per gallon, leaving diesel just below the April high. The renewed surge is tied to deeper US-Iran tensions this week, including tit-for-tat attacks that further disrupt near-term normalization for routes through the Strait of Hormuz, where the US is currently operating the Oman shipping corridor.
OilPrice also cites additional supply constraints, including Ukrainian attacks on Russian refineries that limit exports from one of the world’s largest fuel suppliers. It says the combined shocks are stressing the global refining complex, which already had limited spare capacity, and notes that President Trump held a closed-door meeting with top U.S. refining executives to push for more diesel and gasoline production.
The outlet adds that diesel is creeping toward $6 per gallon nationally and gasoline is above $4, levels it describes as politically sensitive ahead of November’s midterm elections. It also points to Bloomberg-tracked NYMEX spreads, noting that the one-month heating-oil versus crude spread breached $100 per barrel early Tuesday before surging further.
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