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Diesel crack spreads hit record $102, lifting prices

8/19/2026

33 4 Full Breakdown

Summary

Story summary

U.S. refineries run at full capacity as diesel crack spreads hit a record $102 a barrel on Monday.
Diesel prices rose 48% year-over-year, costing U.S. consumers nearly $40 billion since the Iran war began, per Brown University’s Climate Solutions Lab.
Bank of America warned diesel prices will stay near highs and could rise if winter inventories fall, unless supply improves in the Middle East, China or Russia.

History

Historical Context

In October 1973 OAPEC, led by Saudi King Faisal, imposed an oil embargo on the United States and the Netherlands, cutting Saudi output and driving crude prices from $3 to $12 per barrel—a 300 % jump. The shock forced the U.S. to build strategic reserves and diversify energy. Today diesel crack spreads have risen to $102 a barrel as refineries run flat amid renewed Middle-East tension.

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Story summary

U.S. refineries run at full capacity as diesel crack spreads hit a record $102 a barrel on Monday.
Diesel prices rose 48% year-over-year, costing U.S. consumers nearly $40 billion since the Iran war began, per Brown University’s Climate Solutions Lab.
Bank of America warned diesel prices will stay near highs and could rise if winter inventories fall, unless supply improves in the Middle East, China or Russia.

1 / 2