The US national average price of diesel on Thursday surpassed $6 a gallon for the first time ever, according to price tracker GasBuddy, as the US-Israeli war on Iran and Ukrainian attacks on Russia’s refineries have squeezed supply.
The latest surge in fuel costs is adding to inflationary pressures that have already strained consumers and businesses this year, creating a political headache for President Donald Trump and Republican lawmakers as they seek to defend thin congressional majorities in November's midterm elections.
Crude oil futures on Thursday hit their highest level since mid-May. Brent settled at $107.63 a barrel and West Texas Intermediate futures at $102.48 a barrel.
