Slow summertime fuel prices are out the window as tension between Israel and Iran strengthens

Across the globe, geopolitical events are hitting U.S. farmers where it hurts: fuel.

Tension between Israel and Iran has the oil markets spooked. Energy analysts were predicting a slow summer for fuel prices, but those estimates are gone.

The national average for a gallon of diesel has gone up $0.04 over the last week, holding around $3.48, but increases are not likely to stop there. GasBuddy’s Patrick DeHaan says diesel could climb $0.15-$0.25 per gallon in the coming days.

Related Stories
Shaun Haney, host of Rural Radio Channel 147’s Real Ag Radio, joined us Friday on Market Day Report with an update on the important vote involving the use of ag machinery in Canada.
The meaning of a “double-fraction” clause and the impact on future oil and gas conveyances—that is the topic of today’s blog post by RFD-TV Agril-Legal expert Roger McEowen.
A new study from the University of California shows E-15 provides more emissions reductions compared to other blends of gasoline on the market.
In this AARP Live Minute: AARP’s Sarah Jennings has some tips for staying warm without wasting money during the winter.

LATEST STORIES BY THIS AUTHOR:

Brent Graves, auctioneer and mentor, shares his journey supporting youth in agriculture, livestock competitions, and how he is turning junior livestock auctions into a classroom for youth in agriculture.
China’s beef policy risk stems from domestic volatility, making export demand inherently unstable. Jake Charleston with Specialty Risk Insurance offers his perspective on cattle markets, risk management, and producer sentiment.
USDA flash corn sales, Cattle on Feed and Inventory reports, and beef packer antitrust concerns dominate January agricultural market news.
U.S. Secretary of Agriculture Brooke Rollins said permanent access to the higher ethanol blend would provide farmers with much-needed certainty while supporting domestic crop demand.
Food prices increased in December, but not as much as expected, according to the latest Consumer Price Index from the U.S. Bureau of Labor and Statistics.
Lewis Williamson with HTS Commodities joined us to provide analysis on the January WASDE report and expectations for grain markets going forward.