Diesel Is Again Above $5, With a Long Ripple Effect

American diesel just crossed an unwelcome threshold again. The average price hit $5.01 a gallon on Thursday, AAA reports, a 33% jump since fighting between the US and Iran erupted in late February. Diesel, critical for trucking, industry, and power generation, tends to push up costs across the economy, reports the New York Times. Prices last topped $5 in March, then eased after Washington and Tehran announced a memorandum aimed at calming tensions in the Strait of Hormuz. But renewed strikes and a near-standstill in shipping, paired with global refinery cutbacks, have tightened supplies. Russian plants damaged by Ukrainian drones, Moscow's temporary diesel export ban, and China's reduced processing and fuel exports have all added strain. Gasoline is up, too, again headed north of $4, notes CNN.