U.S. retail diesel prices have reached a historic national average of $5.85 per gallon, driven by global supply disruptions and depleted domestic stockpiles.

Shell's net profits more than doubled to nearly $10bn, driven by surging wholesale energy prices amid ongoing conflict in the Middle East.

Oil prices have increased following reports of suspended U.S.-Iran communications and ongoing threats to the Strait of Hormuz. Analysts warn that declining global stockpiles could lead to further price volatility.