US diesel hits record $6.505 amid Strait of Hormuz tensions
Diesel in the US is now at an all-time high, topping $6.505 a gallon, with prices gaining more than 87 cents so far this month.
The spike is mostly because of global tensions (think U.S.-Iran issues slowing oil shipments through the Strait of Hormuz).
It's even higher than the 2022 peak, making it tough for anyone relying on trucks or farm equipment.
Russia ban and Ukrainian refinery attacks
The world's oil supply chain is still struggling: Russia has banned most diesel exports (and that may extend through October), while Ukrainian drone attacks have hit Russian refineries.
All this means less fuel on the market and higher costs back home.
On the bright side, when you factor in inflation, we're not quite at the 2022 highs.
With elections coming up and many states depending on diesel for heating and transport, people are definitely feeling the squeeze.