crude oil News Updates

An extended shutdown of refineries would put a crimp in fuel supplies that already have taken a hit from the ongoing conflict in the Middle East and Russia's war against Ukraine.

Shell received U.S. approval to become the first oil producer to use drones on offshore platforms in the Gulf of Mexico to speed post-hurricane inspections.

Brent crude oil declined 0.4% to $103.89 a barrel. The drop in oil prices comes after stocks felt pressure on Oct. 8 from a 4.1% rise in the price for a barrel of Brent to more than $104.

The journey costs about $80 million, compared with $74 million for a standard SpaceX Falcon 9 launch, shipbroker Gibson said this week. 

Nearly 500,000 barrels a day of oil-refining capacity sit in the projected path of Hurricane Isaias, raising the risk that the U.S. fuel market will lose critical output.

Brent crude, the international standard, jumped 5.3% to $105.54 per barrel early. Several explosions were heard in the Saudi capital on Oct. 8.

As of Oct. 7, about 25% of the oil production in the region was temporarily halted, taking about 511,000 barrels a day off the market, according to the Marine Minerals Administration.

Farmers already have access to the fuel and many have wrapped up harvest. Truckers will struggle to navigate differing state rules.

Narrowing the Jones Act has curbed a roaring trade that was supplying East and West coast ports with fuel produced on the Gulf Coast, as well as crude oil and products used in refining.

It now costs $77 million to hire a very large crude carrier to move U.S. oil to Asia. The average in 2025 was $9.2 million.