The price of diesel is hitting record highs just when many U.S. farmers need it to power combines, tractors and other equipment to harvest two of the nation’s largest commodities, soybeans and corn. The spike adds to an already tough year for these farmers, who also faced higher costs for fertilizer, seeds and equipment. Diesel hit a record
After weeks when Middle East diplomacy seemed dead in the water, a rare meeting between Iran and its Persian Gulf neighbors has renewed hope for a deal that could fully reopen the Strait of Hormuz. Foreign ministers from the Gulf Cooperation Council—which is comprised of Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, and Oman—will meet
Fighters from the Iran-backed Houthi group have seized territory close to the Bab al-Mandab Strait in the Red Sea – a key trade gateway that links Asia and Europe. Houthis have said they pose no threat to international shipping but have reiterated their intention to target vessels from Saudi Arabia. Saudi Arabia has increasingly relied
Prices in the US rose by 3.4% in the year to August, with the cost of living pushed up by higher gasoline prices, official figures show. The overall inflation rate was unchanged from July, according to the Bureau of Labor Statistics (BLS). It comes ahead of the Federal Reserve making its latest interest rate decision
As U.S. prices for diesel fuel surge to all-time highs, some California pumps literally can’t price their diesel any higher—maxing out the display at $9.999 per gallon. Fuel-tracking firm GasBuddy reported Thursday that a small handful of California fueling stations hiked their retail diesel up to the maximum display pricing as the state’s overall diesel
President Donald Trump said that the Iran war will end “immediately” after US midterm elections and blamed the rising price of oil on the war. Oil prices rose to $100 (£74) a barrel on Wednesday, after the US and Iran attacked tankers in the Gulf region and Yemen’s Houthis hit oil facilities in Saudi Arabia.
