The national average price of diesel climbed to a record $6.23 per gallon on Sept. 14, after first breaking above the $6 threshold last week. And diesel is hitting new highs again today at around $6.31. According to AAA data, the national average diesel price reached about $6.05 per gallon on Sept. 11, 2026, surpassing the previous record established in June 2022.
The latest price is roughly 68% higher than the level of about $3.71 per gallon a year ago, highlighting the extraordinary speed of the rally. The surge is being driven by a global shortage of refined petroleum products rather than crude oil alone. Disruptions to Middle Eastern energy infrastructure, sharply reduced traffic through the Strait of Hormuz, and attacks on Russian refineries have reduced the availability of diesel and other middle distillates.
The situation has become serious enough that diesel prices are now adding to broader inflation concerns while simultaneously creating a potentially attractive environment for U.S. refiners. Crude Oil Prices Sharply Lower as Middle East Disruptions Ease Crude Oil Prices Retreat as Supply Fears Ease Why UBS Just Turned Bearish on NuScale Power Stock Our exclusive Barchart Brief newsletter is your FREE midday guide to what's moving stocks, sectors, and investor sentiment - delivered right when you need the info most. Now it remains to be seen whether diesel prices have already peaked or whether another leg higher is possible with inventories still extremely tight and refinery capacity disrupted around the world.
The diesel rally accelerated in September after a series of supply disruptions tightened an already constrained market. While the U.S. national average diesel price had crossed $6 per gallon, U.S. inventories were about 13% below the five-year average, while the diesel crack spread, a key measure of refinery profitability, had reached a record level. The situation has worsened since then.
Middle Eastern oil and refined-product exports have been disrupted by the ongoing war involving Iran, while attacks on Russian refineries have reduced Russia's refining capacity. Reports show Russia's refining capacity had fallen sharply, and Moscow had banned diesel exports, while Gulf diesel exports have also been hit by disruptions around the Strait of Hormuz. The latest developments in Saudi Arabia are adding another layer of risk.
Oil prices jumped on Sept. 15 after attacks affected Saudi energy infrastructure, including the East-West pipeline, which has the capacity to move roughly 4 million barrels of oil per day toward the Red Sea, putting supply at risk. Brent crude climbed to about $107.55 per barrel, while WTI moved above $103. That is important for diesel because refiners are operating in an environment where both crude stock and refined-product supply are under pressure.
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