Diesel futures jump, signaling higher prices to come despite Trump’s Russia deal

Diesel futures traded sharply higher Tuesday, as doubts mounted about the likely impacts of the Trump administration’s latest efforts to push prices down.

U.S. diesel futures were up 5% by midday to their highest level in weeks.

In Europe, diesel futures rose by about 3.8%, while gas futures spiked to levels not seen all year.

A move higher in futures markets typically signals that prices will climb in the coming days.

Already, the average nationwide price of diesel is up 70% since the U.S. and Israel attacked Iran on Feb. 28. The cost of unleaded gas has risen by more than 45% over that period.

Crude oil prices, meanwhile, were mixed. Brent traded around $106 per barrel, while U.S. crude oil neared $95 per barrel. Both of those key energy benchmarks have risen around 70% since the start of the year.

Gas and diesel prices are rising especially fast in parts of the country where President Donald Trump and Republicans can least afford to anger voters ahead of November’s midterm elections.

“Absolutely stunning price spikes in wholesale diesel today,” Gulf Oil adviser Tom Kloza wrote Tuesday on X. “US retail diesel price record of $6.53/gal could be topped by the…

Original source: https://www.nbcnews.com/business