Diesel tops $6, record high as Ukraine and Iran wars ripple through economy

Key Points:

• U.S. diesel prices reached a record high of $6.06 per gallon on Friday, driven by fuel supply disruptions linked to the Ukraine and Iran conflicts, significantly increasing transportation costs nationwide.
• Truckers and farmers face diesel prices about 63% higher than last year, with California experiencing the highest rates at nearly $8 per gallon, exacerbating costs in the country's largest agricultural state.
• Crude oil prices surged past $100 per barrel due to escalated U.S.-Iran tensions, contributing to rising diesel costs that impact the entire economy by increasing expenses for food, goods, energy, and transportation.
• Experts warn that sustained high diesel prices act as a "silent killer" for the economy, as diesel powers critical infrastructure and supply chains, while consumers are also experiencing record-high gasoline prices leading to significant daily spending increases.
• Global diesel supply has been reduced by nearly 8% due to refinery shutdowns caused by conflicts in Eastern Europe and the Middle East, with U.S. refineries operating near full capacity and limited ability to offset the shortfall.