US diesel prices rose above $5 per gallon for the first time since December
2022, reaching $5.044 on Monday, as the Iran war disrupted energy flows and
effectively closed the Strait of Hormuz. The shock has curtailed supplies of
fuels, crude, gas, and fertilizer from the Persian Gulf. Diesel, critical to
freight, agriculture, and construction, is rising faster due to reliance on Gulf
refineries. Heating oil has also exceeded $5, posing economic and political
risks for Donald Trump.
