US diesel prices have jumped more than a third over the past month to almost $5 a gallon as the war in Iran pinches global supplies, pushing up costs of everything from transporting goods to planting crops.
Average diesel prices at the pump rose to $4.99 on Monday, a 37 per cent increase on a month ago as the blockage of the Strait of Hormuz chokes energy supplies, according to motor club AAA.
It marks the highest price for diesel, a fuel that is vital for industry, since the aftermath of Russia’s full-scale invasion of Ukraine in 2022. Analysts say the sudden rise, which comes after US-Israeli strikes on Iran plunged the Middle East into turmoil, is unlikely to reverse soon.
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