Oil touches $97 per barrel as diesel prices surge to highest level this year

The price of crude oil rose for a fourth straight trading session on Thursday, part of a monthlong run that has helped push the average cost of diesel fuel to its highest level since 2022.

At $5.78 per gallon on Thursday morning, the cost of diesel is up more than 53% since the war with Iran started in late February. At the time, diesel averaged $3.76 per gallon nationwide.

The price of unleaded gasoline, which most personal vehicles run on, rose alongside diesel Thursday. According to AAA data tracked by NBC News, the national average was $4.14 per gallon, up two cents from Wednesday.

The moves higher in retail fuel prices come as crude oil prices keep climbing. After surpassing $97 per barrel Thursday morning, international oil benchmark Brent was now up almost 10% since the beginning of the week.

But experts are especially focused this week on diesel, the fuel powers everything from boats and trains to farm equipment and 18-wheelers. Around the world, the planting and harvesting of crops are dependent on diesel-powered machines. As a result, higher diesel prices now could mean higher grocery prices later this fall.

Several different factors are fueling the global rise in…

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