NewsABC Action News (WFTS) — NewsAugust 18, 2026Hillsborough
Iran closes Strait of Hormuz as U.S. diesel prices reach $5.46 per gallon
Iran has closed the Strait of Hormuz to shipping traffic following a projectile strike on a vessel, leading to a surge in U.S. diesel prices to a national average of $5.46 per gallon. President Trump has suggested declaring the waterway a U.S. territory to maintain control, while officials cite the closure and ongoing global conflicts as primary drivers of energy market volatility.
Read the full story at ABC Action News (WFTS) — NewsWhy It Matters
The closure of this major trade route is driving up diesel costs, which directly impacts the price of shipping goods and food for all U.S. residents.
Key Facts
- The Strait of Hormuz is closed to shipping traffic by Iranian officials.
- A ship was struck by a projectile in the Strait on Tuesday.
- The national average price for diesel is $5.46 per gallon.
- The national average price for gasoline is $4.07 per gallon.
- Diesel prices have increased from $3.69 per gallon one year ago.
- President Trump has proposed declaring the Strait of Hormuz a U.S. territory.
- Energy market volatility is also attributed to the conflict between Ukraine and Russia.
- Economists warn that high energy costs will likely lead to increased consumer prices for food and goods.