For the first time ever, the average price of diesel fuel in the U.S. has topped $6 per gallon, as the war in Iran continues to strain global oil supplies.
According to AAA, diesel is now about 63% more expensive than it was a year ago — and the increase reaches well beyond truckers and farmers. Diesel powers the trucks and trains that move much of what Americans buy, meaning higher fuel costs can eventually show up in consumer prices.
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President Donald Trump has said prices will come down once the U.S. wins the war.
In an interview with Fox News, Trump was asked whether he had any regrets about the conflict as Americans face higher fuel prices.
“If we hadn’t done Iran, you would be cruising to midterm victory, $2.25 gas. I mean, you’d be cruising,” Fox News host Laura Ingraham said. “Any regrets?”
“No. I think, I think — I, I don’t believe in the word regret,” Trump responded. “You can always question yourself a little bit. And a few people have asked me that. If I had it to do again, I’d do exactly as I did. I took out their nuclear capability. Supposing we were cruising and all of a sudden Iran has a nuclear weapon, they would use it. They’re crazy.”
Another threat to global shipping
Iran-backed Houthi rebels have now seized the strategic Red Sea Port of Mokha in Yemen, bringing them closer to the Bab el-Mandeb Strait. The waterway sits on the opposite side of the Arabian Peninsula from the Strait of Hormuz and has become increasingly important as the war with Iran disrupts shipping through Hormuz.
At an emergency U.N. Security Council meeting Thursday, Yemen’s envoy, Abdullah al-Saadi, warned about the Houthis’ advance.
“The Houthi militia continues its escalation and is attempting to impose a new reality in the Red Sea,” he said.
Saadi called on the Security Council to condemn the Houthis and enforce its arms embargo against the group, adding: “We are defending Bab al-Mandeb as a matter of international and regional security.”
Oil prices soar
Brent crude, the global benchmark, topped $108 a barrel Thursday before pulling back.
Brent was trading around $106 a barrel Friday morning, after both pulled back from Thursday’s surge.