US gas prices: Strait of Hormuz tensions push diesel above $5/gallon, highest since December 2022

Retail diesel prices in the United States soared past $5 a gallon, reaching a milestone seen only once before, according to GasBuddy, the fuel markets tracker. Economists warn that the surge could slow global economic activity. Diesel is essential for freight and manufacturing, and rising fuel costs are likely to push up the price of goods for consumers.

The spike also presents a potential challenge for US President Donald Trump, with his Republican Party preparing for midterm elections in November.