The world is facing a severe diesel shortage as the US-Iran and Russia-Ukraine wars disrupt crude supplies, refinery operations and global trade. Diesel prices have hit record highs, with US retail prices crossing $6 a gallon, up from about $3.50 at the start of the year.

U.S. diesel prices hit their highest level ever as fuel supply disruption stemming from the Ukraine and Iran wars lifts transportation costs.

US diesel prices hit a record $6 per gallon due to an Iran supply shock. Crude oil reaching a new all-time high by December 31 at 13.5% YES.