US Diesel Prices Hit Four-Year High as Supply Pressures Mount

U.S. diesel retail prices have climbed to their highest level since mid-2022, nearing the all-time record. According to Sina Finance, the American Automobile Association said Wednesday that the national average diesel price at gas stations rose to $5.783 per gallon, above the peak reached during the April war period. The price is just shy of the $5.816 record set in June 2022, when the Russia-Ukraine conflict triggered an energy crisis. Patrick De Haan, head of petroleum analysis at GasBuddy, said prices could break the record on Labor Day Monday if the current trend continues. Diesel prices have surged this year amid supply pressure from the ongoing conflict in the Middle East, repeated Ukrainian drone attacks on Russian refineries, and Russia's export ban. The rally has made diesel futures one of the top gainers in the 2026 commodity index and added to global inflation pressure. Diesel is widely used for power generation, heating, transportation, and agriculture. U.S. President Donald Trump said the jump in gas station prices could affect consumer views on inflation and market confidence. Earlier this week, the U.S. president urged refiners in a closed-door meeting to raise domestic diesel and gasoline output. Kevin Warsh warned that price increases have not slowed materially and said policymakers must confirm inflation is easing, or the Federal Reserve still has room to act.