There’s been much discussion about rising gas prices since the United States launched its war against Iran in late February, but gasoline isn’t the only thing you can get at the fueling station. Many vehicles in the U.S., especially heavy-duty pickups and commercial vehicles, rely on diesel, and diesel has not been immune to the effects of the war either. Diesel fuel prices have now reached a record high in the U.S. on Friday, as reported by the New York Times.
The national average price for a gallon of diesel now sits at $5.85, according to the AAA motor club. That figure represents a 55 percent jump since the start of the war with Iran, and the price for a gallon of diesel has now overtaken the previous peak, which occurred four years ago following Russia’s invasion of Ukraine.
Soaring diesel prices have been accompanied by increases in the price of gas and jet fuel, with the average price for a gallon of gas in the U.S. now sitting at $4.15, according to AAA. That is up almost 40 percent from late February. The higher cost of running diesel equipment is affecting many businesses, including those in the agricultural, freight transport, and construction industries.
Prices began to rise after Iran effectively shut down the Strait of Hormuz as a response to U.S. and Israeli missile strikes, with the tight waterway that connects the Persian Gulf with the Arabian Sea typically used as the path for the export of around a fifth of the global oil supply. The problem worsened as oil refineries in the Middle East were damaged by missile strikes. The war between Russia and Ukraine also continues to play a role, as Ukrainian attacks have damaged Russian refineries and led Russia to shutter the export of refined fuels until the end of September.
It’s unclear when consumers may see relief from rising fuel costs, after the U.S. resumed missile strikes on Iran early this month and Iran responded with missiles and drones of its own. Even if the war is resolved soon, the New York Times reports that some experts believe higher fuel costs will last longer than expected.