US diesel prices have reached a record $5.94 per gallon, representing a 72% increase over the past nine months. This surge is driven by heightened tensions with Iran and increased global demand, which have exacerbated supply disruptions. The record prices are putting pressure on distillate fuels and threatening to drive up broader transportation and goods-price inflation. Market observers are closely monitoring geopolitical developments, particularly US-Iran relations, as well as potential statements from OPEC and IEA officials. Analysts suggest that crude oil prices could also reach new highs by the end of December.
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