Diesel Fuel Prices Spike

This article has been reprinted from the Oct. 4 USDA Grain Transportation Report.

During the week ending October 1, the U.S. average diesel fuel price reached $3.313 per gallon, a level not seen since December 2014. Prices increased 4.2 cents per gallon from the previous week and are up 10.6 cents per gallon over the past 6 weeks.

Analysts report this increase is due to looming U.S. sanctions on Iran scheduled for next month and fears of decreased global crude oil supplies as a result.