Price of diesel hits all-time high as wars in Iran, Ukraine constrict global supply

Diesel prices in the U.S. have reached an all-time high due to global supply constraints caused by wars in Iran and Ukraine. This surge threatens global economic stability and is expected to increase retail costs for apparel, lumber, produce, and toys. While Vance downplays the impact of the Iran war, suggesting prices could have been higher without specific efforts, the record pump prices coincide with the Labor Day weekend, highlighting energy market vulnerability to geopolitical tensions.