US diesel price tops $6 for first time
The average price of diesel in the United States exceeded $6 per gallon for the first time on Thursday amid mounting pressure on global fuel supplies, reports a Qazinform News Agency correspondent.
According to fuel price tracker GasBuddy, diesel has risen by approximately $2.30 per gallon over the past year. The surge has been driven by disruptions linked to the US-Israeli conflict with Iran, Russia’s ban on diesel exports and China’s restrictions on fuel exports.
He warned that the record price would affect cargo transportation, shipments and deliveries nationwide, potentially fuelling inflation throughout the supply chain.
Oil futures also climbed above $100 per barrel on Thursday. Brent crude rose 6.34% to settle at $107.63 per barrel, while US West Texas Intermediate gained 6.69% to $102.48. Both benchmarks recorded their highest closing levels since May 19.
US diesel inventories currently stand at 106.3 million barrels, 13% below the five-year average, according to the Energy Information Administration.
Earlier, Qazinform News Agency reported that the average price of gasoline in the United States had risen above $4 per gallon for the first time in nearly four years amid escalating tensions linked to the conflict with Iran, according to the American Automobile Association (AAA).