Diesel prices in the United States have reached a record high of $5.820 per gallon, driven by renewed hostilities between the US and Iran and disruptions from Ukrainian attacks on Russian refineries. This price surpasses the previous record set in June 2022, illustrating a significant tightening in the global diesel market. Global supply chain disruptions, particularly in refining and exports, are feeding through to US retail fuel prices, creating a ripple effect on the broader energy market. Market participants appear to interpret these developments as increasing the likelihood of crude oil reaching a new all-time high by the end of the year.
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