Price of diesel in U.S. hits record as Vance downplays Iran war impact
- U.S. gas prices surged ahead of Labor Day weekend, with diesel hitting a record $5.85 a gallon Friday and the AAA predicting travelers will face the highest prices ever seen over the holiday weekend.
- Vice President JD Vance wouldn't say Thursday when Americans might see lower prices, telling reporters that, "gas, frankly, could have been much, much higher were it not for our efforts" in the Iran war, which he said he "wouldn't call" a war.
- Despite President Trump insisting the amount of oil flowing out of the Persian Gulf has rebounded, traffic through the Strait of Hormuz remains well below pre-war levels. Shipping data firm Lloyd's said 102 ships transited the waterway last week, compared with 126 the week before — and that's compared with pre-war levels of at least 130 tankers daily.
Diesel hits an all-time high as U.S. gas prices surge ahead of Labor Day weekend
U.S. gas prices surged ahead of Labor Day weekend, with diesel hitting a record of $5.85 a gallon Friday, eclipsing its prior mark of $5.81, set in June 2022.
The AAA has predicted that travelers will face the highest pump prices on record for the holiday weekend as the ongoing war with Iran keeps traffic through the vital shipping lanes of the Strait of Hormuz severely impinged, pushing up global oil prices.
The national average for regular gasoline reached almost $4.15 a gallon Friday, up about 6 cents from a week earlier, according to AAA data. Gas prices have never topped $4 per gallon on Labor Day, the motor club noted.
"Even though gasoline demand decreases this time of year, typically bringing down gas prices, this year is different due to the high cost of crude oil," AAA said in a report.
After climbing steadily for about a week, since hostilities between the U.S. and Iran resumed, the price of international benchmark Brent crude has plateaued over the last several days at around $95 a barrel, about 45% more than it was selling for a year ago, before the war.
Traffic in Strait of Hormuz remains well below pre-war levels, data shows
Ship traffic through the Strait of Hormuz remains well below pre-war levels due to the risk of Iranian attack if ships do not comply with an Iranian vetting regime. The decline is in sharp contrast to the unhindered navigation before the war.
Last week there were 102 transits, compared with 126 the week before, according to shipping data company Lloyd's List Intelligence. That compares with 130 or more per day before the war.
Significant amounts of oil, however, continue to flow through the strait due to a shuttle trade in which tanker operators risk going through a southern route near the coast of Oman under the guidance of U.S. forces.
Netanyahu says toppling Iran's regime is "within reach"
Israeli Prime Minister Benjamin Netanyahu on Thursday voiced confidence that Iran's regime could soon fall, saying it was weaker than ever after the United States resumed its attacks over last weekend.
"This regime is currently teetering. It is weaker than ever. It is fighting for its survival," Netanyahu said at an event with Israeli military leaders. "I am convinced that we can remove this threat once and for all, that is, to overthrow this regime. That is the central task that still lies ahead of us, but it is close. It is not impossible. It is within reach."
Netanyahu's remarks come ahead of the Oct. 27 general elections in which some polls show him trailing as opposition leaders accuse him of failing on Iran.
"If they're not attacking us, it is not by chance. They attack everyone, but not us," Netanyahu said of Iran. "They know our power, the strength of our arms, and our determination."
President Trump has, at times during the war the U.S. launched jointly with Israel on Feb. 28, called regime change a U.S. objective. He has also claimed that, despite the new Iranian supreme leader being the son of the former leader killed on the first day of U.S.-Israeli strikes, and widely considered even more hard-line, there has already been a regime change.
Most recently Mr. Trump has portrayed the U.S. objective in the war as being entirely focused on preventing Iran, which he dismisses as a "failed nation," from ever obtaining a nuclear weapon.
CBS/AFP
Vance says he "wouldn't call it a war," and it will end when "the Iranians stop shooting at ships"
Vice President JD Vance wouldn't say Thursday when Americans might see lower prices at the pump, telling reporters at the White House that "gas, frankly, could have been much, much higher were it not for our efforts" in the Iran war.
The vice president said he also "wouldn't call it a war," and ruled out any new negotiations with Iran until it halts attacks on ships in and around the Strait of Hormuz.
"Right now, there is no active shooting," Vance said, two days after the U.S. hit Iran with another round of airstrikes, and President Trump threatened to order much larger attacks in what he referred to as "a relatively little war."
Asked if the war would be over by the time of the U.S. midterm elections in November, Vance said it was essentially a question for Iran: "When will the Iranians stop shooting at ships? I think the reality is I don't know the answer to that question. You would have to ask the Iranians."
Vance says he's "extremely skeptical" that U.S. hit Iran wedding party
Vice President JD Vance said he was "extremely skeptical" of Iranian allegations that the U.S. hit a wedding party during American strikes earlier this week.
Iranian officials said four civilians were killed and dozens more were wounded in the attack. The U.S. military said it was looking into the allegations.
"I will say that the Iranian state media has not been a very good scribe about what's happened in the conflict thus far, so I'm extremely skeptical of this," Vance told reporters during a White House news briefing.
The vice president reiterated what the U.S. military has been saying, which is that civilians are not targeted.
"Unfortunately, obviously, sometimes things happen, but in this particular case, I don't think that we have any information one way or the other," Vance said. "We're investigating it because obviously we care, we want to know."
In:
- JD Vance
- War
- Iran
- Israel
- Donald Trump
- Gas Prices
- Diesel Fuel
- Middle East
- Oil and Gas
- Strait of Hormuz
As Trump warns of larger attacks on Iran, Vance downplays situation, saying U.S. is not at war
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