Free daily briefing on global business news.
The previous record of $5.81 a gallon was set in June 2022, months after Russia's full-scale invasion of Ukraine
Bloomberg / Getty Images
Friday brought a new benchmark for diesel costs in the United States, with AAA data showing the national average at $5.85 per gallon — a penny above Thursday's $5.78 reading and enough to eclipse the $5.81 peak recorded in June 2022.
The new record represents a rise of more than 55% since the Iran war began in late February, when diesel averaged $3.76 a gallon. The war prompted Iran to effectively close the Strait of Hormuz, through which about a fifth of the world's oil normally moves, cutting global crude supplies and straining refinery output across the Middle East.
