Diesel Shortage to Raise Prices of Goods in U.S. Market

It’s not just drivers feeling the pain at the pump in recent weeks.

Diesel prices have surged more than 36% over the past month.

With diesel prices surging more than 36% over the past month, farmers, shipping companies, and retailers are all being affected—raising the likelihood of higher prices for a wide range of goods.

“The costs of all products will rise,” energy economist Philip Verleger told Reuters.

Global crude oil prices resumed their climb in early trading Tuesday as Iran continued strikes on oil infrastructure and shipping in the Gulf region.

The global benchmark Brent crude rose to $104 per barrel, up more than 3.7% from Monday’s close.

The increase followed comments from Iran’s foreign minister indicating that the Strait of Hormuz would remain closed to “tankers and ships belonging to our enemies.”