US diesel prices hit record high as conflicts intensify supply crunch
www.usatoday.com

... Average U.S. diesel prices jumped to record highs on Thursday, as a global supply crunch intensified after renewed hostilities between the U.S. and Iran and on disruptions caused by Ukrainian attacks on Russian refineries, a major source of diesel exports. ...

Industry watchers warned that already-elevated prices could climb further as seasonal demand picks up. Farmers harvesting crops in the Northern Hemisphere, combined with preparations for planting in the Southern Hemisphere, are expected to boost diesel consumption in the coming months. Demand for heating oil, a distillate fuel similar to diesel, also typically rises ahead of the winter heating season.

Higher diesel prices can ripple through the broader economy because the fuel is widely used in trucking, agriculture and industrial activity. This boosts transportation and production costs that can ultimately raise food prices, Andy Lipow, president of Lipow Oil Associates, said. ...

"Farmers and truckers typically use more diesel in the autumn, which raises the stakes for the current crisis and increases the risk of sharper price increases," he said. ...