Diesel Surges Past $5 Mark First Time Since 2022

Key Details Diesel prices have broken through the $5 per gallon barrier for the first time since 2022, with the DOE/EIA benchmark hitting $5.071/g this week. This represents the 33rd occurrence of sub-$5 pricing, all of which occurred in 2022. The sharp spike came after a 21.2 cent jump from the previous week's $4.859/g. Why It Matters Prices have now climbed for nine consecutive weeks, jumping $1.612/g from the $3.459/g baseline before the run began. These DOE/EIA figures directly influence fuel surcharge calculations for most carriers, making this surge a significant cost factor for your bottom line. The AAA average tracked at $5.044/g on Tuesday, confirming the broader retail market movement. Market Drivers Geopolitical tensions in the Middle East are the primary culprit. Since late February's coordinated U.S.-Israel operations against Iran, ultra-low sulfur diesel futures have climbed dramatically from $2.596/g to recent highs around $4.05/g. Rystad Energy estimates the region has lost over 12 million barrels daily in production capacity, with the Strait of Hormuz remaining the critical pressure point. What's Ahead Commodities markets showed strength Tuesday, with ULSD futures up 5.33% at $4.0419/g. Watch the Strait of Hormuz closely - any developments there will directly impact your fuel costs in the coming weeks.