Fuel prices spike as oil hits highest level since 2022
Recent fuel reports showed a price increase of more than $1 per gallon in some regions compared to the previous week.
U.S. military action against Iran has disrupted oil and gas facilities and shipping throughout the Middle East.
As of Monday, March 9, oil prices were at the highest level since 2022.
ProMiles.com listed a national per-gallon average of $4.244, while AAA reported a national diesel average of $4.656 on March 9.
Fuel prices are updated daily on this Land Line resources page.
“With additional attacks across the Middle East over the weekend pushing oil above $100 per barrel for the first time in years, fuel markets are now rapidly recalibrating to the risk of prolonged disruption to global supply flows,” Patrick De Haan, head of petroleum analysis at GasBuddy, said. “Diesel may rise even more sharply, with increases of 35 to 75 cents per gallon possible as global distillate markets react. While the situation remains highly fluid, consumers are already beginning to feel the impact as energy markets adjust to this sudden escalation.”
According to GasBuddy, the lowest average diesel prices were in Texas, Kansas and South Dakota on March 9. States with the highest diesel prices included California, Washington, and Hawaii.
International reaction
South Korea announced plans to impose a price cap on fuel products for the first time in 30 years.
Serbia suspended crude oil and fuel product exports to protect its market from shortages and price spikes, the country’s energy minister announced.
The G7 nations held an emergency meeting where access to emergency supplies was discussed, according to a BBC report.
BREAKING: Oil prices soared past $114 per barrel for the first time since 2022 on Monday as the Iran war intensified, threatening production and shipping in the Middle East. https://t.co/A15sCuWnOL
— The Associated Press (@AP) March 9, 2026
One industry analyst said the length of the Iran conflict will be a significant determining factor going forward.
“It (diesel price increases) will persist if refineries in the Middle East and elsewhere get compromised by violence, but most likely this is a temporary trip to expensive fuel that should dissipate in the second quarter,” Tom Kloza, oil analyst and chief energy advisor for Gulf Oil, said.
Incorporating a fuel surcharge
It’s critical that owner-operators understand the importance of utilizing a fuel surcharge, especially when the market is volatile. The OOIDA Foundation has produced the video below to explain how to incorporate it with your business. The Foundation has also made a fuel surcharge calculator available online. LL