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Crude oil crosses $97 as diesel prices climb to multiyear highs

Maritime disruptions from the Iran conflict and Russian export bans drive retail fuel costs higher, raising inflation and interest rate concerns.

Updated Sep 3, 2026 · 17:18 UTC1 reports

The short version

  • International benchmark Brent crude oil surpassed $97 per barrel following a four-day rally amid constrained global supply lines.
  • The U.S. national average for diesel reached $5.78 per gallon, increasing more than 53% since the outbreak of war in Iran in February.
  • Supply constraints have been compounded by a temporary Russian export ban on diesel following Ukrainian drone strikes on refineries.
  • Federal Reserve Governor Christopher Waller indicated that while energy costs have not yet bled into broader consumer goods, a hot August inflation report could prompt interest rate hikes.

Key facts

  • Brent crude surpassed $97 per barrel on Thursday morning, gaining nearly 10% since the start of the week.[NBC News]
  • U.S. retail diesel prices reached an average of $5.78 per gallon, marking the highest level since 2022 and rising from $3.76 per gallon in late February.[NBC News]
  • The national average price for regular unleaded gasoline rose to $4.14 per gallon, according to AAA data.[NBC News]
  • Russia imposed a ban on diesel exports through the end of September following Ukrainian drone strikes on domestic refineries, contributing to an estimated 20% disruption in the global seaborne diesel trade.[NBC News]
  • Federal Reserve Governor Christopher Waller stated that energy price increases have not yet spilled over into other categories, but noted he would consider an interest rate increase if August inflation readings are elevated.[NBC News]

What remains uncertain

  • Financial analysts differ on Persian Gulf shipping recovery, with Goldman Sachs Research estimating exports have returned to about two-thirds of pre-war levels while ING estimated flow at roughly 50%.[NBC News]
  • It remains uncertain whether elevated diesel costs will translate directly into higher consumer grocery prices during the fall harvest.[NBC News]

Sources