US retail diesel prices have reached a record high, surpassing the peaks seen in mid-2022. This surge follows a monthlong run in crude oil prices, which continued to rise on Thursday.
The price increases are driven by geopolitical instability, specifically wars in Iran and Russia. Market volatility has been further fueled by attacks by Ukraine on Russian refineries.
These record costs threaten to further spike energy-driven inflation. Because of its role in transportation, the increase in diesel prices is expected to have significant implications across the supply chain.