crude oil News Updates

President Donald Trump signed an executive order Oct. 5 aimed at lowering diesel costs as high fuel prices continue to pressure trucking fleets. 

The storm arrives at a precarious time for oil markets. A shift westward could bring more offshore production and Gulf Coast energy infrastructure into the storm’s path.

The price for a barrel of Brent crude oil, the international standard, rose 1.5% to $102.10. That’s about $55 more than a barrel cost at this time last year.

The energy giant flagged a $42-a-barrel refining margin for the third quarter, up from $24 in the second quarter and far exceeding the previous high in 2022.

Most truck stops don't stock red diesel, and  it's uncertain whether federal tax obligations will be waived or merely postponed. 

“It’s killing the whole nation,” said Missouri farmer Marty Richardson, who is reluctant to harvest his rain-drenched corn fields as his machines will chew up more diesel in the mud and he can’t afford to waste a drop.

The conflict has led to widespread damage to oil pipelines, refineries, gas plants and dozens of tankers, racking up a bill for new investment that’s already in the tens of billions of dollars.

Brent crude fell 2.3% to $97.97. Analysts say upward pressures on oil prices have eased as larger volumes of oil have been crossing the Strait of Hormuz.

Fuel that is usually used for off-road purposes is exempt from the federal excise tax of 24 cents a gallon. 

Brent crude falls 0.4% to $101.83 a barrel. Oil prices have been yo-yoing lately amid uncertainty about how the war with Iran will reshape the global oil industry.