Latest News Updates From Nathan Risser and Will Kubzansky

A broad group of industrial lubricants known as base oils, which are used to make motor oil, are in very short supply with no signs of easing on the horizon.

The announcement came as the White House sought to quell concerns about rising energy prices due to the war in Iran. Trump is weighing several possible options to lower the cost of oil and gasoline.

Oil markets are awash in crude, keeping a lid on prices and squeezing drillers. For U.S. refiners, though, the glut is proving a windfall.