Diesel hits all-time high as Iran conflict and refinery attacks squeeze global supply

Diesel just broke the record it set after Russia invaded Ukraine — and this time it's Iran strikes and drone attacks on refineries doing the damage. Pump prices are climbing into Labor Day weekend, which is exactly the optics nobody in Washington wants heading into midterms.

US diesel prices have hit a fresh record above $5.85/gal as the Iran conflict and Ukrainian strikes on Russian refineries strip barrels from an already tight global market — EIA data show gasoline crack spreads running roughly $1/gal above 2025 levels on tight global supply. Futures pulled back into the holiday weekend on hopes fighting is easing, but Brent bulls see $100 within reach if tensions reignite. On policy, EPA issued its 2025 small refinery exemption decisions and Goldman upgraded Neste on stronger refining margins, while AFPM Summit panelists debated where the energy-transition bet stands five years in.