Diesel hits $6.52 as oil-market safeguards weaken

Small businesses face heavier transportation and supply costs as U.S. diesel prices reach new peaks. The nationwide average was $6.52 per gallon on Sept. 22, with records recorded in 47 states. Because trucks and ships depend on diesel, the increase also raises the cost of getting products to customers and stores.

The strain begins overseas. The Strait of Hormuz is carrying less than 15% of its traffic before the fighting. Crude traded at $65 a barrel before the Iran conflict started in February 2026, then exceeded $100 by mid-September. Damage from Ukrainian drone strikes has also reduced Russia’s refinery output. Its resulting export ban took 3% of daily worldwide diesel supplies off the market.

Governments have already drawn heavily from emergency stockpiles. In March 2026, 32 countries collectively supplied more than 400 million barrels from reserves. The United States contributed 130 million barrels, bringing its holdings to a 40-year low. China helped curb demand earlier in the conflict: from February through June 2026, its crude imports dropped by nearly 50%. That trend began reversing in August 2026, when imports rose 6.2% compared with the prior month.