US diesel prices surge 70% amid Iran war: Can Trump-Putin deal bring relief to truckers and stop grocery prices from rising?

American truckers are having a tough time in the United States as they have warned about sky-high diesel prices are hampering their profits. The skyrocketing prices of diesel are putting pressure on trucking companies to cut routes. This has sparked concerns that some drivers could be forced to quit their jobs and the pain could eventually reach Americans at the grocery store. "Fuel prices is going up, the rates are not going up," Miami-based trucker Suave Dorsett told Fox News Digital. "So it's hurting our pockets real bad."

The warnings by American truckers come as the ongoing Iran war has sent diesel prices soaring, burning a hole in their pockets. US President Donald Trump has predicted oil prices will fall "like a stone" amid expectations that the conflict could soon end. But the reality paints a different picture as drivers and smaller operators are facing mounting financial pressure. The rising trucking expenses and push up prices for groceries, deliveries and other everyday goods in the US.

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"Some of the smaller companies, like the smaller owner ops, would slowly fall off and it's going to create a chain effect," Dorsett told Fox News, predicting a "domino effect" that could eventually put pressure on larger carriers.

Trump strikes a diesel deal with Putin

Amid the soaring diesel prices in the US, President Trump announced Friday that Russian President Vladimir Putin had agreed to supply millions of tons of diesel fuel to global markets, saying the arrangement would help lower fuel prices that have remained near record highs ahead of November's midterm elections.

In a Truth Social post, Trump said he had concluded a "highly successful discussion" with Putin and that Russia would immediately begin shipping diesel fuel into global markets

"It was agreed that Russia will immediately supply over 300,000 Tons of Diesel Fuel to the American and Global Marketplace, another 500,000 Tons during the month of November, and 1,000,000 Tons immediately thereafter," Trump wrote.

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According to Trump, based on refinery capacity, Russia would eventually deliver another 3 million tons of diesel fuel and predicted the move would rapidly lower prices. "Diesel Prices for Americans and, indeed, the World, will be COMING DOWN, IN RECORD NUMBERS, AND FAST!" Trump wrote.

A White House official told Newsweek on Friday that the Treasury Department had issued a general license allowing Russian diesel to reach global markets. In a statement, the Treasury Department's Office of Foreign Assets Control said it was issuing Russia-related General License 135, authorizing transactions involving the "sale, delivery, offloading, and importation of diesel fuel of Russian Federation origin" at Trump's direction. In an email newsletter, the White House described the arrangement as a "major diesel deal" and said it would bring more than 4.8 million tons of diesel fuel to the American and global marketplace.

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What are the diesel prices in US?

US diesel prices remain near record highs, rising 70% since the US-Israeli war with Iran began, despite two recent moves by President Donald Trump to increase supplies. These include pressuring allies to release emergency oil reserves and expanding access to tax-exempt, red-dyed diesel.

The wars in Iran and Ukraine have triggered a severe global fuel supply crunch, pushing the average US diesel price to $6.28 per gallon on Friday, according to motorist group AAA.

Rising fuel costs have added pressure on Trump and his Republican Party as they seek to defend narrow congressional majorities in the November 3 midterm elections. The cost of living is the top concern cited by voters in a Reuters/Ipsos poll, while soaring diesel prices are particularly affecting key Republican constituencies, including farmers, truckers and rural voters. Trump's approval rating stands at a career-low 32%, according to the poll. The White House said Trump was focused on easing temporary supply disruptions while pursuing longer-term energy policies.

The latest diesel price surge echoes the fuel crisis of 2022 under former President Joe Biden, when the economic fallout from the COVID-19 pandemic and Russia's invasion of Ukraine sent prices soaring. Diesel reached a then-record national average of $5.82 per gallon in June that year, squeezing truckers as operating expenses climbed.

According to the American Transportation Research Institute, trucking fuel costs surged 53.7% in 2022, contributing to a 21.3% increase in overall operating costs to a then-record $2.25 per mile. The latest price spike threatens to revive similar pressures, particularly for smaller trucking operators with less financial flexibility to absorb rising fuel bills.