The U.S. national average diesel price reached $5.350 per gallon as of June 1, up $1.899 year-over-year and $1.453 above the pre-Hormuz blockade baseline of $3.897. Truckload fuel surcharges have risen to $0.70 per mile from $0.45 pre-blockade, adding approximately $150 per 600-mile standard load. California diesel hit $7.051/gallon. The EIA has revised its 2026 diesel forecast dramatically upward from $3.50 to $4.80/gal annual average, with Q2 projected at $5.61/gal. Bank of America raised its Brent crude forecast to $77.50/barrel, while Fitch projected $87/barrel assuming Hormuz reopening by late July. Despite the fuel cost surge, truckload rate increases are primarily demand-and-supply-driven, with spot rates hitting records even as diesel prices eased slightly from their $5.640 May peak.
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