91��Ƶ

Diesel prices rocketed in the immediate aftermath of the joint U.S.-Israel attacks on Iran, and the military escalation that followed set in motion a wave of geopolitical uncertainty.

Federal and local law enforcement officers have taken action to bust an organized ring of diesel thieves thought to be selling the fuel around the Port of Oakland.

Airlines and other large fuel buyers have been loading up on oil derivatives contracts in recent days to keep their bills from spiraling as the U.S.-Iran war pushes prices to multiyear highs.

A decision to tap the Energy Department’s Strategic Petroleum Reserve could help stanch price spikes, at least temporarily. The reserve currently holds about 415 million barrels.

“It’s the rockets and feathers effect,” said Christopher Knittel, professor of energy economics at the Massachusetts Institute of Technology. “When things are going up — they go up fast.”

U.S. crude production fell to near 13.7 million barrels a day in December, the lowest in six months, according to a monthly report from the Energy Information Administration.

Alleged multistate diesel fuel thieves have been arrested in one criminal ring that purportedly used cloned credit cards, while another operation involved hacking into truck stop pumps.

The Department of Energy authorized two power companies to direct data centers and other large facilities to run backup generators as a last resort to prevent rolling blackouts.

New York Harbor diesel’s premium to European futures surpassed 40 cents a gallon on Jan. 26, the highest level in over three years and continues to hover around that marker.

EIA expects the spot Brent crude price to average $55 per barrel in 2026, down from $69 in 2025 and $81 in 2024. Brent is the global benchmark for crude prices.