Strait of Hormuz · Russia · Crypto Briefing
Diesel prices hit record $5.85 per gallon, complicating US inflation fight
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Geopolitical disruptions in the Strait of Hormuz and strikes on Russian refineries have pushed diesel to all-time highs, rippling through every corner of the economy.
Key facts
- Prices had dipped below $5 per gallon in late June 2026, reaching $4.98
- The US-Iran conflict, which began on February 28, 2026, has created persistent disruptions in the Strait of Hormuz
- President Trump met with US oil refiners in September 2026 to discuss boosting domestic diesel production
- At nearly $108 per barrel, current spreads suggest the market sees no near-term relief in refining capacity
Summary
Diesel fuel became the most expensive it has ever been in the United States. A year ago, that same gallon cost $3.71. Two overlapping conflicts are squeezing global diesel supply from both ends. Meanwhile, ongoing strikes on Russian refineries tied to the Russia-Ukraine war have further constrained supply.