https://oilprice.com/rss/main All the latest in Oil, Gas, Commodity news and analysis Sat, 10 Oct 2026 22:09:03 -0500 https://oilprice.com/Energy/Energy-General/Tanker-Rates-Soar-to-Record-as-Oil-Crisis-Becomes-Shipping-Crisis.html oilprice-article-45739 The cost of shipping crude oil soared to record highs last month as the Iran war reshuffled trade routes and patterns and tied up more tankers in inefficient and lengthy voyages. Supertanker rates soared in September to above $1 million per day on the Persian Gulf to China route—a record high. The September record was soon smashed as freight rates soared by another 40% in the first week of October alone, to top $1.4 million per day on the Gulf to East Asia trip this week, according to data compiled by Bloomberg. The increased flows of oil… Sat, 10 Oct 2026 18:00:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Tsvetana Paraskova https://oilprice.com/Energy/Crude-Oil/Emergency-Oil-Releases-Risk-Draining-the-Worlds-Last-Supply-Cushion.html oilprice-article-45738 Earlier this week, the International Energy Agency, after consulting with G7, said it would release another 100 million barrels of diesel, gasoline, and crude oil. The release is part of a plan announced in March to release 400 million barrels of oil in response to the Hormuz squeeze. But there is a problem with those releases—storage is emptying. When the U.S. administration began releasing oil from the Strategic Petroleum Reserve, a flurry of reports followed, citing experts who warned the level of oil in the SPR was already low enough… Sat, 10 Oct 2026 18:00:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Irina Slav https://oilprice.com/Energy/Crude-Oil/Pemex-Needs-Nearly-110-Billion-to-Hit-Mexicos-Output-Targets.html oilprice-article-45733 Mexico is dependent on oil and gas imports for two-thirds of its energy consumption, despite the fact that the country has abundant domestic fossil fuel resources. But instead of exploiting its own producing power to the greatest potential, Mexico relies on its neighbor to the north for the majority of its energy needs, leaving it in a vulnerable position. However, the answer to Mexico’s energy insecurity is not building up more domestic oil and gas production and refining capacity, according to a recent assessment from the International… Sat, 10 Oct 2026 16:00:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Haley Zaremba https://oilprice.com/Energy/Energy-General/Southeast-Asia-Needs-More-Power-But-Its-Weak-Grid-Could-Be-a-Problem.html oilprice-article-45730 The war in Iran has exposed a critical vulnerability in Southeast Asia’s energy markets. The region is heavily dependent on fossil fuel imports, and demand is continuing its steep growth trajectory even as global crude oil prices remain punishingly high. Though the Strait of Hormuz is finally reopening, restoring flows of crude oil out of the Persian Gulf and toward Asian buyers, global oil markets have a long road toward recovery. Luckily, the wheels are already in motion to electrify the continent and move away from heavy dependence on… Sat, 10 Oct 2026 14:00:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Haley Zaremba https://oilprice.com/Energy/Energy-General/The-Iran-War-Is-Fueling-a-Boom-in-Clean-Energy.html oilprice-article-45728 The Iran war might have done exactly what President Trump was trying to avoid: turning the world away from fossil fuels to alternative energy sources, because of the wide range of vulnerabilities it has exposed in the international energy system. Restrictions on trade through the Strait of Hormuz have underscored just how dependent many countries are on this waterway for fossil fuel imports, prompting governments to seek alternative suppliers and accelerate the deployment of renewable energy sources.  The near closure of the Strait of Hormuz,… Sat, 10 Oct 2026 10:00:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Felicity Bradstock https://oilprice.com/Energy/Crude-Oil/Why-Record-Crude-Output-Cant-Solve-Americas-Diesel-Crisis.html oilprice-article-45727 The United States is producing more crude oil than ever. According to the Energy Information Administration, U.S. crude production is on track to average a record 13.8 million barrels per day in 2026, surpassing the previous record set last year.  Yet diesel prices recently climbed to record highs, while distillate inventories remain unusually low. The EIA expects those inventories to stay below the five-year range through much of 2027, with stocks falling below 100 million barrels for the first time in more than two decades. At first glance,… Fri, 09 Oct 2026 17:00:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Robert Rapier https://oilprice.com/Latest-Energy-News/World-News/Russia-Germany-Add-Diesel-Supply-as-Fuel-Market-Scrambles-for-Barrels.html oilprice-news-45739 Russia and Germany are putting more diesel into a global market that has spent months looking for barrels almost anywhere it can find them. President Donald Trump said Friday that Russian President Vladimir Putin had agreed to immediately supply more than 300,000 metric tons of diesel to the U.S. and global market, followed by another 500,000 tons in November and 1 million tons after that. The first three tranches amount to roughly 13 million barrels of diesel. Trump said Russia could subsequently supply another 3 million tons, depending on the… Fri, 09 Oct 2026 16:30:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Julianne Geiger https://oilprice.com/Latest-Energy-News/World-News/Hurricane-Isaias-Shuts-In-71-of-US-Gulf-Oil-Production.html oilprice-news-45738 Hurricane Isaias has now knocked nearly 1.46 million barrels per day of U.S. Gulf oil production offline, extending a rapid shutdown that began with just 185,120 bpd three days ago. The Marine Minerals Administration said Friday that operators had shut in 1,458,814 bpd, or 71.51% of current Gulf oil production, along with 1.26 billion cubic feet per day of natural gas, or 58.84% of Gulf gas output. That is another 176,000 bpd of oil production lost since Thursday, when the agency reported 1.28 million bpd offline. Operators have now evacuated 129… Fri, 09 Oct 2026 15:30:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Julianne Geiger https://oilprice.com/Energy/Energy-General/5-Stocks-Cashing-In-as-100-Oil-Pushes-Drivers-Toward-Electric.html oilprice-article-45726 Gasoline topped $4.40 a gallon in the U.S. in September, and Brent has sat above $100 a barrel since early September, up from around $60 before the Iran war started. Drivers have responded about how you'd expect. New hybrid sales in the U.S. rose 24% through the third quarter, battery-electric registrations jumped 52% across Europe in August, and the International Energy Agency figures EVs will make up nearly 30% of global car sales this year. That should have been a gift to the electrification trade, but a Bloomberg gauge of 104 EV-linked companies… Fri, 09 Oct 2026 15:00:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Michael Kern https://oilprice.com/Energy/Crude-Oil/US-Oil-Drilling-Continues-to-Inch-Upward.html oilprice-article-45737 The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US rising to 603, up 56 from this same time last year. The number of active oil rigs rose by 6, reaching 462 during the latest reporting period, according to the data. This is 44 above this same time last year. The number of gas rigs fell by 1 to 132, which is 12 more than this time last year. Miscellaneous rigs stayed the same at 9. The latest EIA data showed… Fri, 09 Oct 2026 12:31:16 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Julianne Geiger https://oilprice.com/Energy/Energy-General/States-Bet-on-Virtual-Power-Plants-to-Cut-Grid-Costs.html oilprice-article-45729 The United States has shown greater support for virtual power plants (VPPs) in recent years, as these systems are expanding across various states. A VPP is a collection of small-scale electricity generation resources that, together, can deliver electricity to the grid. When coordinated, a group of hundreds or thousands of households and businesses can use the latent potential of their thermostats, electric vehicles (EVs), appliances, batteries, and solar installations to charge or discharge, supporting grid flexibility.  When put together,… Fri, 09 Oct 2026 12:00:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Felicity Bradstock https://oilprice.com/Energy/Crude-Oil/Trump-Puts-Iran-Strikes-on-Hold-as-Hurricane-Threatens-Oil-Supply.html oilprice-article-45736 Oil retreats from $110 as Trump rules out Iran strikes before the midterms, but tanker attacks and a Gulf hurricane threaten fresh volatility. Friday, October 09, 2026 Donald Trump seems to be firefighting the Middle Eastern blaze, vowing not to attack Iran before the mid-term elections just as oil prices were nearing the $110 per barrel mark amidst a deteriorating security situation in Saudi Arabia and Iran hitting at least one transiting tanker in the Hormuz every day for the past three weeks. Whilst news of ‘productive discussions’… Fri, 09 Oct 2026 11:35:22 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Tom Kool https://oilprice.com/Geopolitics/International/Pashinyans-Nuclear-U-Turn-Gives-Moscow-an-Opening-in-Armenia.html oilprice-article-45725 Unable to persuade Armenia to abandon its efforts to join the European Union, Russia is now signaling that it is adopting a harder line. Armenian Prime Minister Nikol Pashinyan evidently is taking the menacing tone of recent Russian statements seriously. It appears the price of keeping the Kremlin at bay for now is the suspension of a nuclear cooperation deal with the United States and an accompanying commitment to have Rosatom, Russia’s nuclear energy entity, build Armenia’s next-generation reactor. Armenia over the past two years… Fri, 09 Oct 2026 11:00:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 OilPrice.com https://oilprice.com/Geopolitics/International/Can-Lasers-Beat-Drone-Swarms-The-Pentagon-Is-About-to-Find-Out.html oilprice-article-45735 The enormous expansion of drone warfare is forcing militaries to reconsider how much ammunition they can afford to fire at relatively cheap targets. The Pentagon is betting that some of that ammunition can be replaced with electricity, selecting four directed-energy systems for operational testing at five U.S. military bases. The Pentagon selected AeroVironment’s (NASDAQ: AVAV) Palletized High-Energy Laser, Boeing’s (NYSE: BA) Compact Laser Weapon System, Kord Technologies’ Firefly high-energy laser and Epirus’ Leonidas… Fri, 09 Oct 2026 10:00:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Alex Kimani https://oilprice.com/Latest-Energy-News/World-News/Canadas-New-Oil-Pipeline-Challenged-by-Cold-Lake-First-Nations.html oilprice-news-45737 Cold Lake First Nations is challenging the Canadian federal government’s decision to designate Canada’s new oil pipeline project to the West Coast a project of national interest. Last week, the federal government designated the new oil pipeline to the West Coast, which Canada and Alberta are advancing in partnership, a project of national interest, which would fast-track development. The ambition of Alberta and Canada to export additional volumes of crude oil to destinations in Asia to reduce the high dependence on exports to the United… Fri, 09 Oct 2026 09:30:00 -0500 Sat, 10 Oct 2026 22:09:03 -0500 Michael Kern