US diesel prices surpassed $5 per gallon on Tuesday for the first time since 2022, as the Iran conflict triggers historic supply disruptions.
āDiesel is the lifeblood of the global economy,ā Bloomberg wrote, and with prices expected to keep rising until the Strait of Hormuz is reopened, US President Donald Trump is under even more pressure to resolve the conflict.
He abandoned efforts to build an international coalition to escort tankers through Hormuz after allies rebuffed his requests, even as Tehran appears to be tightening control of the chokepoint.
But even if near-term security in the strait improves, the conflict will usher in a costlier era for energy because of security premiums that get baked into pricing, Semaforās energy editor wrote.
