Diesel prices are still on the rise, but there’s some potential hope on the horizon as the U.S. and Iran are reportedly close to reaching a deal to reopen the Strait of Hormuz.

Treasury Secretary Scott Bessent told CNBC on August 3 that the agreement could be finalized early this week. Free movement through the strait would theoretically lower crude oil prices, which in turn would mean lower diesel and gasoline prices for us in the U.S. This reopening has been over a month in the making, as the U.S. and Iran signed a memorandum of understanding on June 17 to reopen the strait.

But let’s not count our eggs before they hatch. The conflict over the Strait of Hormuz has been convoluted from the start, and the same could be said now. According to CBC, Tehran—the capital of Iran—denies being close to an agreement with the U.S., the exact opposite of what President Trump and other U.S. officials are claiming. Additionally, there are reports of an attack in the strait again on August 4, though it’s unclear at this time which country the ship belonged to and which country is responsible for the attacks. Only time will tell if the U.S. and Iran actually reach a deal this week. 

The national average on-highway diesel price rose 4 cents to $5.348, according to data released by the U.S. Energy Information Administration (EIA) on August 4. Gas prices dropped 2 cents to $4.079. Compared to last year, diesel prices are up $1.548, and gas prices are up 94 cents.

What are the current diesel prices across the U.S?

Here are this week’s diesel price highlights from each region of the U.S.:

• Rocky Mountain: The biggest increase in diesel prices this week occurred in the Rockies, by 14 cents, to $5.285.
• Midwest: In the Midwest, diesel prices rose 7 cents to $5.262.
• West Coast: Along the West Coast, diesel prices rose 6 cents to $6.130. Without including California, diesel prices rose 8 cents to $5.623.
• Gulf Coast: Along the Gulf Coast, diesel prices rose 5 cents to $5.141.
• East Coast: Along the East Coast, diesel prices dropped 6 cents to $5.299.

According to AAA, the current national gasoline price average is $4.089. This is 1 cent higher than EIA’s current estimate and 94 cents higher than this time last year. 

In a recent press release, AAA said, “Typically, August brings some relief at the pump as road trips wind down and fall routines get underway for many families. But elevated crude oil prices could prevent that seasonal shift from starting just yet.”