Trucking News · Nationwide · October 25, 2026

Oil Hits Its Highest Level Since March as Gas Climbs to $4.29

A shocked trucker looks at his phone while fueling a white semi at a diesel pump, with an oil pumpjack in the distance at sunset — Illustration for this story. Not a photo of a specific location.

Oil prices climbed to their highest level since March on Friday, Oct. 23, according to the Associated Press, in a report carried by Transport Topics.

The numbers

The price of a barrel of Brent crude rose 2.7% to $116.24, the AP reported. It has surged from less than $97 at the start of October.

Gasoline prices are rising again. The national average for a gallon of regular gas rose 2 cents to $4.29 on Oct. 23, according to AAA, as cited by the AP. A year ago, it was $3.07.

The AP report focused on crude oil and gasoline. It did not give a national diesel figure.

Why prices are rising

According to the AP, oil prices reached their highest level since March amid halting efforts to bring the U.S. and Iran back to the negotiating table.

Rising oil prices also weighed on Wall Street. The Dow Jones Industrial Average fell 594 points, or 1.1%, as of 10:05 a.m. Eastern time, and four out of every five stocks in the S&P 500 fell, the AP reported.

What it means for drivers

For truckers already dealing with high diesel prices, the climb in crude is one more number to watch. In California, port truckers told KQED this week that diesel has averaged over $8 a gallon. Read California port truckers say $8 diesel is "killing the business".

A tanker of Russian diesel is also on its way to New York under a new supply deal, though experts cited by the AP say it is unlikely to cut prices much. Read First tanker of Russian diesel under new deal heads for New York.

Run your own numbers

To see what current prices mean for a specific run, try the free truck fuel cost calculator. Owner-operators can check what is left after fuel with the owner-operator profit calculator, and drivers who file fuel tax can estimate it with the IFTA fuel tax calculator.