Benchmark Diesel Price Posts Second-Largest Jump Since Iran War Began
The benchmark U.S. retail diesel price surged 33.8 cents per gallon to $5.134, marking the second-largest weekly increase since the start of the Iran war in late February. The price has risen 55.6 cents per gallon over the past three weeks, driven by sharp gains in ultra low sulfur diesel (ULSD) futures on the CME, which have climbed over $1 per gallon since July 2. Analysts attribute the rally to renewed military action, including potential Houthi attacks on Saudi Arabia and the Bab el-Mandeb strait, as well as the effective closure of the Strait of Hormuz to tanker traffic. Energy analysts Matt Smith and Jeff Currie highlight that product markets are showing particular strength, with the Brent-ULSD spread widening to over $2 per gallon from less than $1 before the war. The loss of both crude production and refining capacity in the Persian Gulf region has tightened product supplies globally.
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