{"id":224186,"date":"2026-09-14T17:50:26","date_gmt":"2026-09-14T17:50:26","guid":{"rendered":"https:\/\/quixnet.net\/wpinstance\/diesel-pushes-to-new-all-time-high-as-oil-prices-jump-after-key-saudi-pipeline-is-shut-nbc-news\/"},"modified":"2026-09-14T17:50:26","modified_gmt":"2026-09-14T17:50:26","slug":"diesel-pushes-to-new-all-time-high-as-oil-prices-jump-after-key-saudi-pipeline-is-shut-nbc-news","status":"publish","type":"post","link":"https:\/\/quixnet.net\/wpinstance\/diesel-pushes-to-new-all-time-high-as-oil-prices-jump-after-key-saudi-pipeline-is-shut-nbc-news\/","title":{"rendered":"Diesel pushes to new all-time high as oil prices jump after key Saudi pipeline is shut – NBC News"},"content":{"rendered":"

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The 10-year U.S. Treasury yield briefly topped 5% Monday for the first time since 2023, as the price of oil surged and the nationwide average cost of diesel fuel hit an all-time high.
Those price movements came after Saudi Arabia shut a critical pipeline<\/a> and talks about the future of the Strait of Hormuz were postponed.
The international oil benchmark, Brent crude, surged to more than $109, while U.S. crude oil nearly hit $105 per barrel.
The move in oil prices and yields moderated around noon ET, but both remain elevated for the day.
The East-West Pipeline, a key route for energy supplies, became even more critical due to the ongoing stalemate in the Strait of Hormuz, where vessel traffic has barely reached double digits in recent days.
U.S. Energy Secretary Chris Wright said Monday that he did not have an exact time frame for when the pipeline may restart but he was in contact with his Saudi counterpart and believed it would be \u201cvery soon.\u201d
\u201cI might have more of a time frame tomorrow,\u201d he told Bloomberg Television. \u201cThey\u2019ve been very carefully assessing what the damage was, what needs to be done, and and I think more clarity on that will come out very soon.\u201d
On Friday, the Saudi Energy Ministry said the pipeline was shut down \u201cas a precautionary measure.\u201d It did not say when the pipeline would be operational again. The attacks came as the Iran-backed Houthi rebels in Yemen made sweeping gains that tightened their grip on Bab el Mandeb, another critical waterway.
But the pipeline could be \u201cout of service for weeks as the damage is repaired,\u201d the Associated Press reported later on Monday, citing two regional officials.
Adding to investors\u2019 worries, a meeting between Iran and Gulf countries regarding Hormuz was postponed Sunday afternoon. That meeting, set for Monday, was delayed \u201cin the interests of consensus,\u201d the Omani foreign minister wrote on X.
Tehran said the meeting was postponed at the request of Riyadh.
On Monday, the Saudi state-run news agency said<\/a> that Crown Prince Mohammed bin Salman met with U.S. Central Command Adm. Brad Cooper in Jeddah.
Traffic through Hormuz remain at just a fraction of pre-Iran war levels. On Sunday, just 14 vessels passed through the strait, and that number was only 12 Saturday, 11 Friday, and nine Thursday, according to data from MarineTraffic.
With crude oil prices rising as a result of those disruptions, so are gasoline prices. On Monday, the national average price of unleaded regular gas rose to $4.31 per gallon, according to motor club AAA.
The national average price of regular gas has risen more than 45% since the U.S. and Israel launched the Iran war. The price of U.S. crude oil has soared more than 50% since the war started Feb. 28.
Since the start of the year, oil prices have risen more than 80%.
On top of that, the price of diesel fuel continues to set new all-time highs. The national average price of diesel rose to $6.23 per gallon Monday, AAA also reported.
That commercial fuel, which is used in everything from trucking to boat transportation to trains, has become a particular focus for economists who say it could cause almost \u201ceverything\u201d to cost more.
One of the primary drivers of the higher Treasury yields are fears about the inflation those higher prices may trigger. The Fed is widely expected to hike interest rates Wednesday for the first time since 2023. As of Monday, market odds for a hike are greater than 90%.
Longer-term bond yields, such as the 30-year Treasury bonds, rose to more than 5.37% on Monday, continuing to push to its highest levels since 2007.
\u201cThe cost of diesel gets into just about everything,\u201d KPMG chief economist Diane Swonk said in a recent interview<\/a> with NBC News.
\u201cFrom running a farm … [to the] cost of food, but also everything across the economy that\u2019s shipped,\u201d she said. When diesel prices rise, everything \u201cgets that extra fee tacked onto it.\u201d
Swonk predicted that the high cost of diesel will be an \u201cinflationary problem\u201d for months to come.
On Sunday, President Donald Trump sought to act on the issue by urging Ukraine to halt attacks on Russian energy targets<\/a>.
Speaking to reporters during an appearance at the Irish Open in Doonbeg, Ireland, Trump said he recently spoke with Ukrainian President Volodymyr Zelenskyy and asked him to stop targeting Russia\u2019s oil refining infrastructure, particularly due to what is happening with the soaring price of diesel fuel.
\u201cMr. Zelenskyy has to do one thing,\u201d Trump said, \u201che has to stop knocking out diesel fuel in Russia.\u201d
\u201cLet him go after targets, but not diesel fuel, because he\u2019s causing a shortage of diesel fuel,\u201d the president continued. \u201cDon\u2019t hit diesel fuel because that\u2019s hurting the world.\u201d
\u201cThe growing scale and intensity of Ukrainian attacks on Russian refineries this year have pushed Moscow to ban diesel exports,\u201d ING commodities analysts noted Monday. \u201cThis has only tightened global markets, following Persian Gulf disruptions.\u201d
Russia\u2019s ban on diesel exports is set to expire at the end of September, but \u201cclearly, there is the potential for further extensions,\u201d ING\u2019s team said.
After falling as low as $4.77 per gallon in late June, new escalations between Ukraine and Russia have driven diesel prices 30% higher.
Since the start of the year, diesel prices have soared 75%.
Steve Kopack is a senior reporter at NBC News covering business and the economy.
© 2026 NBCUniversal Media, LLC<\/p>\n

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