crude oil News Updates

Saudi Arabia closed the East-West pipeline, making American oil supplies even more critical, with record shipping costs doing little to deter buyers in Asia.

The global oil market is focused on the fallout from the halt of the East-West pipeline, which was the primary link that helped Saudi Arabia to circumvent the turmoil in Hormuz.

Brent crude gained 2.3% to $108.12 a barrel. Prices for Brent and U.S. benchmark crude are up more than 50% since the Iran conflict began in late February.

The jump in flows comes just as oil prices are soaring again after drone strikes shut down Saudi Arabia’s East-West pipeline.

The disruption threatens exports of 2.6 million to 4 million barrels daily, while Houthi gains along Red Sea routes boosted oil-supply concerns.

Costco's Kirkland Signature full-synthetic motor oil 5-quart two-pack now costs around $58, well above the approximately $30 it had been selling for just last year. 

Brent crude, the international standard, rose 2.7% to $107.46 per barrel. It was at roughly $72 a barrel before the start of the war in Iran in late February.

For businesses that rely on diesel, increased fuel costs are cutting revenue and forcing business owners to raise prices, as energy-driven inflation flows downstream.

Many U.S. farmers need diesel to power combines, tractors and other equipment to harvest two of the nation's largest commodities: soybeans and corn.

Veteran commodities strategist Jeff Currie also said U.S. diesel could reach $7 to $9 a gallon.