Diesel hits record high as Ukraine and Iran wars knock out refineries, fueling inflation worries

The price of diesel fuel hit a record Friday as the wars in Ukraine and Iran knock out refineries, triggering a global supply crunch. Truckers in the U.S. are paying an average of $5.85 a gallon nationwide, a nearly 60% increase over the same period last year when diesel cost $3.71 a gallon. In California, diesel costs $7.70 per gallon, almost $2 a gallon more than the national average [1].

Sources

1. cnbc.com · Diesel hits record high as Ukraine and Iran wars knock out refineries, fueling inflation worries Sep 4, 2026
2. axios.com · The coming verdict on Trump's Strait of Hormuz claims Sep 4, 2026
3. cnbc.com · Oil prices little changed after Iran fires missiles at Kuwait Sep 3, 2026
4. click2houston.com · US oil giant Chevron confirms it will expand operations in Venezuela Sep 2, 2026
5. click2houston.com · Oil giant Chevron is expected to announce it will expand operations in Venezuela, US official says Sep 1, 2026
6. fox26houston.com · Chevron will expand Venezuela operations after Trump deal, company confirms Sep 2, 2026

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