BREAKING: Oil Surges 10% After Trump Says US Will Hit Iran Hard — Diesel Soars

WTI crude jumped $10.11 to $110.24 per barrel after Trump announced military escalation against Iran. ULSD (diesel) surged over 11%. Diesel prices at the pump are set to climb significantly in coming weeks.

🔴 BREAKING: Oil at $110 — Diesel Surges 11%

Oil prices surged more than 10% on April 2, 2026 after President Trump announced in a national address that the United States will escalate its military campaign against Iran in the coming weeks. This is devastating news for truckers' bottom lines.

📊 The Numbers That Hurt

• WTI Crude: $110.24/barrel (+$10.11, +10%)
• Brent Crude: $109.38/barrel (+8%)
• ULSD (Diesel): UP OVER 11% ⚠️
• Gasoline (RBOB): Up nearly 7%
• S&P 500 Futures: -1.5%
• Nasdaq Futures: -2%

💥 What Is Happening?

Trump spoke from the White House declaring that "core strategic objectives are nearing completion" in the Iran war, but offered no concrete details on ending hostilities or reopening the Strait of Hormuz — the critical waterway for global oil transport.

As Trump spoke, explosions were heard in Dubai as air defenses intercepted an Iranian missile barrage. Iran responded claiming it has "hidden stockpiles of arms and production facilities" the U.S. will never reach.

"The market has shown disappointment because the speech President Trump made was far less than what the market expected," said Takashi Hiroki, chief strategist at Monex in Tokyo. "What the market wants is a clear outline for the ceasefire."

⛽ What This Means For Your Wallet

With diesel surging over 11% in a single day, pump prices will climb significantly this week and beyond. We were already dealing with diesel above $5 per gallon — now brace for even higher.

• Every penny of diesel increase costs the trucking industry roughly $500 million annually
• Running 120,000 miles/year at 6 MPG, each $0.10/gallon increase costs you $2,000 extra per year
• Markets have not posted a weekly gain since the war began in late February

💡 What You CAN Control

• Eliminate idling — every hour of idling burns half a gallon. A Go Green APU eliminates idling completely, saving $1,000+ per month
• Check your alignment — poor alignment increases diesel consumption up to 3%. Get a free road simulator inspection at The Truck Savers
• Check your tires — proper pressure = less rolling resistance = less fuel burned
• Update your fuel surcharge — make sure your rates reflect actual fuel costs

Source: Transport Topics / Associated Press