Washington, Sep 11 (V7N)- Severe volatility has gripped the US fuel market as the ongoing conflict involving Iran continues to disrupt energy markets, pushing diesel prices above $6 per gallon for the first time.
According to the latest data from fuel price monitoring agency GasBuddy, the average US diesel price stood at $5.98 per gallon on Thursday (September 10), continuing an upward trend. By Friday (September 11), the price had crossed the $6 mark.
The latest price represents an increase of around 61 percent compared with the same period a year ago, placing additional pressure on consumers and businesses dependent on diesel-powered transportation.
Data from the US administration shows that domestic diesel inventories are currently at least 13 percent below the five-year average. Tight stockpiles are adding further pressure to the country's fuel supply chain and increasing its vulnerability to disruptions.
The impact of the conflict has also extended to global crude oil markets. US crude prices climbed above $102 per barrel on Friday amid concerns over continued instability in the Middle East.
Meanwhile, Brent crude, the international benchmark, reached $107 per barrel, its highest level in three months.
The surge in fuel and crude oil prices is raising concerns over higher transportation and production costs, potentially adding further pressure to inflation in the US and other economies if energy market disruptions persist.
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