00:00It's Benzinga, bringing Wall Street to Main Street.
00:02Diesel prices rose to $5.04 per gallon nationwide on Tuesday as crude oil prices increased following
00:09Iran's blockade of the Strait of Hormuz, according to NBC News.
00:13The price marks the first time diesel has crossed $5 since December 2022 and has climbed
00:18from about $3.65 a month ago, according to AAA. Diesel fuels freight, transit, ships,
00:25and farm equipment, making it critical to the global supply chain.
00:29Wedbush strategist Paul Dietrich said higher diesel costs raise consumer prices for groceries
00:34and deliveries. Diesel prices surged from about $3.65 to over $5 per gallon in one month,
00:41highlighting a rapid increase. Farmers were among the first to feel rising diesel costs,
00:46with higher fuel prices increasing financial pressure on farm operations and raising the
00:52cost of running equipment. For all things money, visit Benzinga.com.
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