U.S. diesel prices reached $5.454 per gallon by mid-August 2026, representing a 47% increase compared to the same period last year. This surge is attributed to tighter distillate supply and elevated refining margins. Diesel crack spreads have hit record highs, exceeding $100 per barrel, significantly boosting refiners’ profitability. The transportation and freight industries are bearing the brunt of rising operational costs. Market indicators suggest an increased likelihood of crude oil reaching new all-time highs amid ongoing geopolitical tensions.
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