US retail diesel price hits all-time high
September 4, 2026
Energy markets are lower to start today as traders take some profits and the news continues to be optimistic on the economic front and supplies coming through the Strait of Hormuz.
The Non-Farm Payroll number this morning was good with 162,000 new jobs added in August, nearly tripling the average analyst estimate and making the highest reading since March. Adding to the optimism the bad loss of 23,000 jobs in July was revised higher by 21,000 jobs.
The barrels flowing through the Strait of Hormuz are getting better with more confirmed reports of around 17 million barrels on August 31. Prewar levels were 21.6. Much of this information was US official telling Axios that 40 vessels carrying millions of barrels of crude oil transited the Strait of Hormuz on September 1. The report also said that Iran’s radar capabilities have been significantly degraded making it difficult to track vessels and attack them.
US Special Envoy Steve Wikoff and Trump adviser Jared Kushner are expected to travel to both Mocow and Kyvi in the next few days to attempt to rekindle peace talks.
US retail diesel hit an all-time record of $5.85 per gallon on Thursday, according to the American Automobile Association, surpassing the former peak of $5.82 per gallon in June 2022.