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US gasoline averaged $4.20 a gallon and diesel $6.32 on Friday, roughly 40% and 70% above a year earlier. Fuel costs rose after the US and Israel attacked Iran and Tehran restricted Strait of Hormuz tanker traffic, and refinery attacks added to the squeeze.
Diesel is a key input for trucking and farm equipment, so higher diesel costs raise feed delivery and farm operating costs and support pricing for energy-linked inputs.
market-updates.comNov 1, 2026After 250 past bullish geopolitics events, ULSD / Diesel moved a median +1.7% over 5 sessions (58% higher; middle half -3.6% to +8.7%), and +0.9% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
