US diesel prices have reached a record $6.27 per gallon, a significant increase from $3.69 a year ago. This price surge is attributed to the Iran conflict and tightening global fuel supplies. In California, the average price hit $8.21 per gallon. The depletion of easily accessible oil reserves, particularly those stored on tankers, is contributing to this upward trend. Market participants interpret this development as a signal of upward pressure on crude oil prices, potentially reaching new all-time highs.
Source: Read the original article
