Fuel News

The initiatives being launched will support electric truck purchases and the charging systems needed to keep them operating at the East Coast’s busiest seaport.

Labor Day traditionally portends a break for drivers. But this year, something unusual is happening: Prices are on the rise. 

Brent crude fell 0.2% to $95.37 a barrel. U.S. gasoline prices will be higher this Labor Day weekend than they have ever been at this time of year, according to AAA.

Because diesel is used for many freight and delivery networks, higher diesel prices mean higher transportation costs for a long list of everyday goods.

North American Class 8 truck orders slowed sequentially in August, in line with seasonal norms as build slots began filling. But they jumped on an annual basis.

The renewed fighting has sent U.S. crude prices sharply higher this week, up 11%. Brent crude, the international standard, rose 1.1% to $96.72 per barrel.

The hostilities have underscored Iran’s continued ability to choke a crucial maritime artery. The Hormuz strait handled a fifth of oil and LNG flows before the war.

The Baltic Dry Index rose 5.5% to 3,331 points, touching the highest since December 2023, driven by a rise in the constituent Capesize rate that surged over 8%. 

Canadian Prime Minister Mark Carney’s government will extend the suspension of a fuel excise tax to Jan. 31, 2027.

European natural gas futures hit a three-year high and oil futures are moving closer to $100 a barrel as renewed fighting threatens to once again throttle energy supplies from the Persian Gulf.