Diesel prices at record highs amid Strait of Hormuz disruption, Russia-Ukraine war

The average price for a gallon of diesel was still hovering around a record-high of $6.43 as of Friday morning, according to the latest data published by GasBuddy.

The historic increase in the price of diesel comes amid continued disruption in the Strait of Hormuz -- sparked by the U.S.-Israeli attack on Iran in February -- and Russia's ongoing invasion of Ukraine, which in recent years has seen an intensification of long-range Ukrainian attacks on Russian oil facilities.

The sustained increases in oil and diesel prices have prompted concerns of rising costs across all sectors of the economy -- from fuel and energy costs for drivers and homeowners to increased prices of food and travel as producers and companies grapple with narrowing margins.