US gas prices: Hormuz tensions push diesel above $5/gallon, highest since Dec 2022

2026-03-17 - 11:00

Retail diesel prices in the U.S. have surpassed $5 a gallon for the second time, impacting global economic activity and consumer goods. This surge, driven by the US-Israeli conflict with Iran and disruptions in the Strait of Hormuz, presents a challenge for the upcoming midterm elections. Gasoline prices also reached their highest since October 2023, with little sign of easing.