Gasoline prices in the Great Lakes and Rocky Mountain regions could climb another 25 to 75 cents a gallon this week as wholesale costs rise, with diesel facing increases of 55 to 85 cents. The warning follows pump price increases on Sept. 14 and 15. Fuel analyst Tom Kloza forecast further increases within 24 hours, saying retail fuel margins had yet to catch up with earlier wholesale price jumps.

Chicago wholesale diesel reached $226 a barrel. US heating oil hit $5.26 a gallon, up 15.2% in a week and 148% this year. The increases come as Middle East energy supplies face further disruption. Saudi Arabia cancelled September crude cargoes for some European refiners following the closure of its East-West pipeline, Reuters reported.

European natural gas futures reached their highest level since 2022, with storage facilities 68% full ahead of winter, compared with a 15-year average of about 85%. Bloomberg Economics forecasts UK household energy bills will rise about 25% in January as the war in Iran pushes up wholesale gas and electricity prices.