Diesel rise 4.5 cents to $3.070 per gallon, reports EIA

The average price per gallon of diesel gasoline saw a 4.5 cent increase this week to $3.070 per gallon, according to the United States Department of Energy’s Energy Information Administration.  

This marks the third consecutive week that the diesel average has topped the $3 per gallon mark, with the average for the weeks of January 22 and January 15 at $3.025 and $3.028, respectively.

Compared to the same week a year ago, the diesel average is up 50.8 cents.

And the average price per gallon of West Texas Intermediate Crude oil is trading at $65.56 per barrel, which is up from last week’s $63.49.

WTI has remained above the $60 per barrel mark since late December. And the Wall Street Journal reported that geopolitical risk relating to Iran continued to buoy markets, adding that traders and oil market observers are waiting to see whether President Trump on extends U.S. sanctions relief to Iran as part of the 2015 international agreement to curb the Islamic Republic’s nuclear program tomorrow. It added that reinstating economic sanctions could limit Iran’s oil exports.