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Benchmark Diesel Price Below $4 Again As War-Led Rally Fizzles
The benchmark diesel price used for most fuel surcharges is back below $4 a gallon.
A decline of 2.3 cents a gallon from the prior week's number put the Department of Energy/Energy Information Agency price at $3.992. It's only the second time in the past 11 weeks that the price has been below $4. It also now has given back more than half the 21-cents-per-gallon gain recorded Feb. 12, which boosted the price to $4.109 a gallon as Middle East tensions were ramping up.
The decline comes as the fear factor spurred by talk of war between Iran and Israel is making a rapid retreat from the market.
In crude, after several days of higher oil prices across the board in futures markets earlier this month that led to a significant amount of hand-wringing, those same markets have given back almost all of their gains.
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The settlement price for Brent crude, the world's benchmark, was $87.48 a barrel on the final trading day of March. It climbed above $91 four days later and hung around the $90 mark for several days as talk turned to when prices might hit $100.
But with the tit for tat Iranian-Israeli shooting match in the Middle East apparently not taking any lives and possibly having already run its course, Brent settled Monday at $87, $3 under that $90 mark and ...