US Diesel Hits Record $6.52 as Global Supply Shock Intensifies

US diesel prices have reached a record $6.52 per gallon, up about 70% since the Iran war began, while European prices have climbed to a record $9.63.
Supply disruptions across the Middle East and Ukraine have hit regions responsible for roughly a third of global diesel supply. Russian exports have fallen to about 20% of their May level, while Persian Gulf shipments are down to roughly a quarter of prewar levels.
North American refiners are helping fill the gap, pushing the region's share of global diesel exports to a record 23%. Washington is also considering an export ban, a move that could temporarily reduce US diesel prices but potentially raise costs abroad and create additional pressure on domestic gasoline markets.