U.S. Gas Nears $4.56 Year High as Iran War and Russia Diesel Curbs Lift Fuel Costs
Updated
Updated · NBC News · Sep 18
U.S. Gas Nears $4.56 Year High as Iran War and Russia Diesel Curbs Lift Fuel Costs
2 articles · Updated · NBC News · Sep 18
Summary
$4.46 a gallon left the U.S. gasoline average 10 cents below its May 21 peak after another 3-cent overnight rise; at least six states are already above $5, led by California at $6.11.
Diesel climbed 5 cents to a record $6.44, up 71% since the Iran war began, as fighting around the Strait of Hormuz and Bab el-Mandeb disrupted flows and CMA-CGM added an emergency fuel surcharge.
Russia is adding pressure by extending its diesel export ban through at least September after Ukrainian strikes hit energy assets, tightening global supply as U.S. crude topped $103 and Brent neared $105.
The surge is deepening political and economic strain in the U.S., where consumer sentiment has fallen on inflation worries and Trump faces scrutiny over earlier promises that gas could drop below $2.
Broader relief looks limited: Macron called for a G-7 meeting on energy costs, but strategic reserves were heavily drawn down in a 400 million-barrel release earlier this year.