US diesel prices spike above $5.90/gallon amid Iran-US tensions in the Strait of Hormuz, raising inflation expectations.
Macro & Markets ·
US diesel prices have risen above $5.90 per gallon, with some states seeing prices exceed $8.00 per gallon, amid escalating tensions between the US and Iran in the Strait of Hormuz. The price movement coincides with Iran rejecting a US peace proposal and military exchanges in the region. The timing is significant as the US enters its peak diesel demand period, with analysts noting potential inflationary pressure from the increases.