FW Desk News
FreightWatch.News
Tuesday, September 29, 2026
Crude oil shipments from the Persian Gulf are approaching pre-conflict volumes. The benchmark retail diesel price fell to $6 per gallon in the latest weekly average from the Department of Energy, marking the first decline in four weeks and halting a three-week streak of record highs.
Analysts attribute the downturn to increased crude exports from the region, though refined product shipments remain constrained at just above 50% of pre-war levels. Iran has not resumed exports due to ongoing blockades, limiting its participation in the market recovery.
Ultra low sulfur diesel futures on the CME declined from a September 16 settlement of $5.262 per gallon to $4, though recent contract activity shows volatility ahead of October expiration. Both Brent and West Texas Intermediate crude benchmarks continued declining. Texas Governor Greg Abbott issued a disaster proclamation authorizing dyed diesel use on roadways beyond agricultural applications.
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