Diesel prices in parts of California have maxed out near $10 a gallon, a bad sign for truckers, farmers, builders, and anyone buying goods that move by road.

• Several California stations have hit the highest price their pumps can even display for diesel.
• Damage to Russian refineries and the Iran conflict have squeezed global diesel supply, and a Saudi oil pipeline was just hit by a drone attack.
• Diesel runs trucking, rail, farm machinery, and construction, so the cost feeds straight into prices for everything else.
• The US strategic oil reserve is running low and can only be refilled slowly, partly because American refineries were built for heavy oil the country no longer gets from Venezuela.
• Stocks jumped anyway even as inflation data came in hot, a split that echoes the euphoria before past crashes.

Outlook: With borrowing costs rising worldwide and fuel this expensive, freight and consumer prices look set to get worse heading into the fall.