Gasoline and Diesel Prices Spike Overnight as Anxious Drivers Fill Their Tanks

The average price for a gallon of gasoline jumped 11 cents overnight in the U.S., and drivers in Europe waited in line to fill their tanks with fuel, as war engulfed the Middle East and shipments of oil and gas were stranded in the Persian Gulf.

Depending on the duration of the war, the pain of higher prices could increase in the coming weeks, and may be felt more heavily in areas reliant on imports.

"Right now, the worst of it is centered on Europe, because Europe is a net importer," said Susan Bell, senior vice president of commodity markets at Rystad Energy. Diesel prices spiked 27 percent in Europe since Friday, rising about 62 cents per gallon, she said. "It's gone up substantially, because Europe is so constrained on diesel supply."

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