US retail diesel prices climbed to the highest level since mid-2022, topping a peak set during the early stages of the Iran war and approaching an all-time record, according to Bloomberg AI takeaways. The national average pump price reached $5.783 a gallon on Wednesday, surpassing the wartime peak recorded in April, according to the American Automobile Association. The increase puts costs just below the all-time high of $5.816 in June 2022, reached during the energy crisis triggered by Russia’s invasion of Ukraine.

Sustained conflicts involving Iran and Russia continue to tighten global fuel supplies, pushing refined product prices higher across the United States. Diesel, a key input for trucking, agriculture and freight, is especially sensitive to those disruptions. With inventories already strained and refiners operating near capacity, analysts warn further upside pressure on pump prices is likely if geopolitical tensions escalate or shipping routes remain constrained through the coming months.