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Diesel prices are climbing, ocean vessels are rerouting and U.S. trucking rates are responding as war in Iran ripples through energy and freight markets.

The average on-highway price of diesel in California was $7.219 a gallon on March 30, a 44.7% increase compared with $4.99 a gallon on March 2.

Diesel trucks with refrigerated loads are now paying more to haul a trailer to its destination and to keep the transport refrigeration unit running.

Owners of diesel-powered vehicles have seen even steeper fuel price increases since the war started on Feb. 28.

The IEA said the release will largely consist of crude oil, though contributions from Europe will primarily take the form of refined petroleum product.

November’s midterms will hinge in part on Americans’ attitudes toward the cost of living, and polls show the president is getting poor economic marks.

Imports of Venezuelan heavy crude doubled in the week leading up to March 13, reaching the highest since late 2024, according to U.S. government data.

The meeting will take place at the American Petroleum Institute and involve members of the U.S. oil and gas trade group’s board, according to sources.

The nationwide average retail price reached $5.044 a gallon on March 16, according to AAA, up by more than a third since the Iran conflict began. 

While rates are high, they signal that coverage is available for the few vessels still moving through the waterway. The question is whether shipowners are willing to make the transit.