Diesel prices top $6, setting new record

The average price of diesel in the U.S. hit a new record Friday, as the ongoing conflict with Iran and Ukrainian attacks on Russian oil refineries strain the global energy supply.

The average cost of a gallon of diesel in the U.S. was up to around $6.05 on Friday morning, according to AAA . This marks a 63 percent cost increase from a year ago, when the price of a gallon of diesel was around $3.71. It is just less than a 14 percent increase from prices last month, when a gallon cost $5.32, according to AAA.

The rising diesel prices are expected to push up the price of everyday goods, as the fuel is commonly used by commercial delivery trucks for shipping.

Ukraine launched attacks this week targeting Russia’s vital oil sector. On Thursday, the Ukrainian military reported hitting a refinery in Siberia — causing fuel shortages in Russia.

Russia launched similar attacks on Ukrainian urban gas stations in retaliation.

The prices also come as the Strait of Hormuz — which transports roughly 20 percent of the world’s oil supply — has been significantly restricted for commercial traffic as the Middle East conflict persists.

The U.S. military destroyed five Iranian oil tankers earlier this week before Iran struck back Wednesday, launching attacks on 10 ships near the strait, including two U.S. vessels and eight oil tankers, and strikes on a U.S. base in Jordan.

The disruption of traffic through the corridor has also caused the international Brent crude oil benchmark to hit $100.72 per barrel in early trading Wednesday, crossing $100 for the first time since late July.

While heading to the Republican National Committee’s first midterm convention , President Trump warned Wednesday that there were more attacks against Iran to be expected. He said the aim of the U.S. military operation is to prevent the country from building a nuclear weapon.

Trump added that he expects oil prices “to be tumbling downward” following November’s elections and after the conclusion of the war.