crude oil News Updates

As war in Iran, Russia and Ukraine squeezes diesel supply, the Trump administration is mulling ways to tame prices ahead of the November midterm elections.

Brent crude gained 2.2% to $100.29 a barrel. The cost for a gallon of regular gasoline in the U.S. ticked higher to an average of $4.48.

Officials and industry leaders warned export restrictions could provide brief relief but risk higher fuel costs, reduced refinery output and broader economic fallout.

Although regular gas prices usually get more attention, diesel has swiftly become a hot issue on the campaign trail.

A U.S. ban on diesel exports could rapidly fill domestic storage, depress the fuel’s prices and ultimately shrink gasoline supply while pushing up costs at the pump.

Brent crude rose 1.3% to $100.55 per barrel. It reverses a decline for Brent, which had been falling since nearly hitting $110 last week.

As prices have risen, more Republicans have embraced the idea of a diesel export ban or even price controls. 

With flows from the region’s top supplier at risk, European diesel’s premium to Brent crude jumped to more than $95 a barrel on Sept. 23, a record in Bloomberg data going back to 2011.

Stocks got a boost after the price for a barrel of Brent crude fell to $100.23. It has come down from nearly $110 last week.

Multiple oil traders said there were already signs of tankers arriving at the port of Yanbu, where the piped barrels are exported from.