Record US diesel prices squeeze farmers; food prices may rise

Diesel prices in the US have reached record highs, with GasBuddy reporting an average price of approximately $6.43 per gallon. This surge is driven by disruptions in the Strait of Hormuz and the ongoing Russia-Ukraine war. These escalating costs are placing significant financial pressure on farmers, which may lead to an increase in overall food prices. The current market volatility reflects the direct impact of geopolitical instability on essential energy costs and agricultural production.