Diesel in California rises to $7 a gallon as wars in Europe and Middle East strain supply

Diesel prices in California hit $7 per gallon again Wednesday as the wars in Eastern Europe and the Middle East knock out refineries, triggering a fuel supply crunch around the world. Truckers in the Golden State are shelling out about 30 cents more per gallon than they paid a month ago, according to data from AAA. Prices have surged about 37%, or $1.89 per gallon, compared to the same period last year. Diesel in California hit a record of $7.75 per gallon in April as Iran choked tanker traffic through the Strait of Hormuz. It fell below $6.50 in July after as exports through Hormuz picked up in the wake of the memorandum of understanding between Washington and Tehran. But prices are rising again just as farmers prepare for the harvest and freight transportation picks up ahead of the holiday shopping season. Diesel averaged $5.50 a gallon across the U.S. on Wednesday, an increase of about 40 cents over the past month and $1.81 higher compared to the same period in 2025. Consumers see rising diesel prices in their grocery and other shopping bills. "That's a pretty significant inflationary concern," Kevin Book, managing director at ClearView Energy Partners, told CNBC's "Squawk Box" ...