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
From projected drops in input costs to biofuel expansion and the USDA’s new “One Farmer, One File” initiative, Ag Secretary Brooke Rollins shared key policy priorities at Commodity Classic that put farm issues back in the spotlight.
Food demand is stable but price-sensitive across rural markets. For agriculture and rural communities, the important signal is not optimism — it is stability.
Stable blending demand continues to underpin corn use despite export volatility.
Delays on year-round E15 keep potential corn demand and fuel savings in limbo.
Higher energy costs ripple through local farm supply chains.
Corn export pace remains the bright spot, but stable ethanol export demand remains a critical support for corn markets.

LATEST STORIES BY THIS AUTHOR:

Farm-legal expert Roger A. McEowen discusses avoiding contractual obligations in times of pandemic.
Is a handshake as good as your word? That is the topic of today’s blog post by RFD-TV farm legal expert Roger A. McEowen — the ability to enforce oral contracts for the sale of goods.
You may have seen Noah Peters on TikTok where he sings to his clients while cutting their hair. He joined us here on the Market Day Report!