Diesel Sets New Peak as Geopolitics Pushes Prices Higher

U.S. diesel prices surged to a record $5.82 a gallon, driven by higher crude costs and refining bottlenecks amid Iran-related shipping disruption and Russia’s war in Ukraine, a spike that could raise freight and grocery prices and feed inflation ahead of the midterms; the White House says refiners’ capacity expansion will help, but analysts warn diesel could stay elevated as refineries run near full capacity and Gulf Coast hurricane threats loom.