Wholesale diesel prices more than doubled between the start of 2026 and the end of September, as the war in Iran and Russia’s war in Ukraine significantly reduced global supply.
Trump insisted the war in Ukraine was to blame for high diesel prices. On July 8, Russia banned diesel exports after Ukraine hit its refineries. In the United States, the price of a gallon of diesel increased by almost 40% between July 6 and September 22.
However, the price of diesel had already surged after the start of the Iran war and was still 20% above its pre-war level when Russia instituted its export ban, making the supply crunch even more acute.
Indeed, the two conflicts have had significant repercussions on global energy markets, causing major, sometimes daily, fluctuations.
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