Diesel hits all-time high price as Iran, Ukraine wars cut supply

For U.S. consumers, the rising cost of diesel is likely to result in higher retail prices for everything from produce and toys to lumber and apparel.

The price of diesel fuel hit an all-time high Friday as wars on two continents and a global refinery shortage combined with higher seasonal demand to push prices upward.

The average nationwide price was $5.85 per gallon, up from $5.78 Thursday, according to AAA’s gas price tracker.

Diesel prices began their monthslong rise in late February, with the launch of the Iran war and the soaring oil prices that came with it.