Diesel prices for U.S. truckers jumped a record 96 cents per gallon this week, reaching $4.859 on average, according to the U.S. Energy Information Administration. The 25% weekly increase marks the largest ever in both price and percentage terms since tracking began in 1994, according to Avery Vise, a trucking analyst at FTR Transportation Intelligence.

The surge comes as retailers and manufacturers already grapple with tariffs and rising shipping costs following U.S.-Israeli strikes on Iran. Fuel surcharges are compounding expenses across ocean, air and trucking operations for importers and exporters. The timing adds pressure to supply chains already strained by geopolitical tensions.

This dramatic price spike threatens to squeeze profit margins across multiple industries. Higher diesel costs typically translate to increased freight rates, potentially pushing up consumer prices for goods transported by truck. With no immediate relief in sight, businesses face difficult decisions about absorbing costs or passing them along to customers.