US diesel prices soar to almost $5 as Iran war pinches global supplies
Higher fuel costs will make it more expensive to transport goods and plant crops
Higher fuel costs will make it more expensive to transport goods and plant crops

Fuel costs for global shipping industry are up nearly $5bn since conflict began

Companies worry about effects of higher energy costs even as they get short-term advantage over Asian peers

Costs at the pump exceed level at the end of the Biden administration

Some of the world’s biggest fuel importers rush to secure oil and gas supplies as Middle East conflict chokes flow

Petrol and diesel prices are rising more swiftly in America than other major economies including the UK and Canada

Sharp rise in inflation is hitting growth outlook for region heavily dependent on imported energy