From Yahoo Finance: 2025-03-31 17:51:00

Diesel prices rose for the second week in a row after weeks of fluctuation. The average retail price increased to $2.592 a gallon, up 4.3 cents over two weeks but still below January and February levels. Crude oil and diesel futures also saw gains on the commodity exchange.

The surge in oil prices was linked to reports of potential new tariffs on Russian oil exports. President Trump’s rumored anger towards Putin sparked fears of supply restrictions. Energy traders warned that demand concerns could impact the market if broader risk assets weaken.

January’s price hikes were partially due to Biden administration restrictions on Russia. US crude production dropped to 13.15 million barrels a day in January, the lowest in 11 months. The monthly EIA report showed a 2.3% decrease from December, with Texas, North Dakota, and New Mexico all experiencing declines.

Read more: Benchmark diesel price up for second straight week, futures markets rise sharply