![A chart showing the price change of diesel and brent crude in 2026.]() The US and Iran traded strikes for the second night in a row, hours after Trump said he believed a fragile ceasefire was over. The reigniting conflict saw the US mount strikes aimed at hampering Iran’s ability to attack ships in the Strait of Hormuz, while Tehran targeted American bases in Bahrain and Kuwait. Traffic through the strait has ground to a halt once again, with Iran’s top negotiator saying the waterway would only reopen under Tehran’s orders: “Let me be clear: Strike, and you will pay the price.” The renewed hostilities led US diesel futures to rise at the quickest pace in four years, compounding the political toll for Trump ahead of November’s midterm elections. The president has left himself with few good options to end the conflict, one expert told Reuters: “Trump has put himself in a box.” |