US fuel prices hit records as wars curb global supply, refineries reap profits

US fuel prices hit records as wars in Iran, Yemen and Russia curb global supply, leaving American refineries as the last major supplier.

• Average US diesel prices reached a record $6.53 a gallon, with gasoline averaging $4.36, the highest for this time of year.
• The G7 announced the release of 100 million barrels of oil and diesel from stockpiles after Trump pressed for the move.
• Trump announced a waiver permitting tax-free red dye diesel on highways and said he was "thinking about" suspending the federal gasoline tax.
• At least two crude oil tankers were among commercial vessels struck by projectiles in the Strait of Hormuz, the UK Maritime Trade Operations reported.
• A Reuters analysis found the Trump administration's supply measures have failed to lower prices, blaming a severe global shortage of refined products.
• US diesel prices slipped to $6.28 a gallon, near the record, after a 70% rise since the war with Iran began.
• The IEA said its member countries stand ready to release more emergency reserves, prioritizing diesel.
• Trump announced an agreement with Putin for Russia to supply the US and global markets with over 300,000 tons of diesel.
• Trump said the Russian diesel deal would deliver 300,000 tonnes immediately, 500,000 in November and a further million tonnes later.
• The US Treasury issued a temporary license permitting the import of Russian diesel under the agreement.
• An envoy of Putin welcomed the deal, saying Russia-US energy cooperation would benefit the world.
• Zelensky criticized the US-Russia diesel deal, saying it invests in prolonging the war and warning Moscow would respond to sanctions relief with more attacks.