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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 announcement marks the first significant details revealed publicly about the reinsurance program since the project’s formation almost a month ago.

Benchmark U.S. crude rose 11.4% to $111.54 a barrel. The price of Brent crude, the international standard, jumped 7.8% to $109.03 per barrel.

Amazon’s fuel and logistics-related surcharge will apply to U.S. and Canadian sellers using its Fulfillment by Amazon option, effective April 17.

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.

Britain accused Iran on April 2 of holding the world's economy hostage as diplomats from more than 40 countries held talks.

Experts say differences in price aren’t typically decided by any individual gas retailer, and most of them aren't pocketing the extra pennies when prices rise.

Soaring fuel prices from the Iran war are forcing oil traders into longer, stranger journeys, sending cargoes on routes that would normally make little sense.

Stocks are rushing higher worldwide, and oil prices are easing April 1 as hopes build that the war with Iran could end soon.

The ISM gauge of prices paid for manufacturing inputs climbed another 7.8 points to 78.3, remaining at the highest since mid-2022.