Brent crude futures rose 1.62% to $115.70 per barrel and WTI futures gained 1.34% to $101.20 on Wednesday. Renewed Houthi attacks on Saudi Arabia, including a claimed strike on the Ras Tanura refinery, reignited supply fears. Falling U.S. inventories also supported prices.
Americans are bearing the largest share of global fuel inflation caused by the Middle East war, with additional costs estimated at $471 per person, according to the Centre for Research on Energy and Clean Air. The report highlights the U.S. portion of $160 billion in global fuel inflation, attributing it to high oil consumption and slow transition from fossil fuels.
The United States faces a significant gap in its supply of rare earth permanent magnets, consuming 48,000 tonnes in 2025 while producing only 300 tonnes domestically. China's increasing export controls and restrictions on technical knowledge exacerbate the vulnerability, impacting sectors from automotive to defense.
The Villa Vie Odyssey, a luxury cruise ship on a 3.5-year global voyage, has suspended operations in Cambodia due to soaring fuel costs. The operator is arranging disembarkation and temporary accommodation for approximately 200 passengers stranded on board.
The US Department of Energy closed a $5.1 billion loan package to Alliant Energy on Wednesday to expand power generation and bolster the grid at plants in Iowa and Wisconsin. The investment will support new natural gas-fired power plants, energy storage systems, and upgrades to existing facilities.
Indian jewelers are delaying gold purchases ahead of the peak wedding season, anticipating further price declines. Gold prices have fallen about 16% in February 2026, with silver dropping nearly 38%, yet consumer demand remains muted as buyers wait for prices to stabilize.
Vast lithium deposits, potentially formed by ancient volcanic activity, may lie beneath parts of China's battery manufacturing heartland, according to a new study. Geologist Duan Zheng told the South China Morning Post that potential clay-type lithium deposits overlap with industrial clusters in East and South China. Local supplies could significantly reduce transport costs and supply-chain risks.
Gold prices stabilized above $4,000 an ounce on Wednesday as investors awaited the Federal Reserve's interest rate decision. Traders anticipate the Fed will hold rates steady, with a low probability of a hike this week. Silver prices also declined.
The global diesel shortage is expected to continue until at least mid-2027, with analysts citing ongoing supply constraints from Middle East conflicts and damaged Russian refineries. Despite efforts to boost production, global supply remains below 2025 levels, with deferred maintenance at refineries posing further risks. The situation is exacerbated by shipping challenges and the limited impact of recent deals to increase Russian exports.
Oil prices extended a two-day decline as traders closely monitored the results of a tight Israeli election, which is expected to influence the US war with Iran. The outcome could shape regional stability and impact crude supply dynamics.
US crude oil inventories fell by 2.031 million barrels in the week ending October 23, according to American Petroleum Institute data. This decline contrasts with analyst expectations and follows a larger drop in the previous week. Gasoline inventories rose, while distillate inventories saw a smaller increase.
Opposition leader María Corina Machado has returned to Venezuela, exposing divisions within the country's oil sector. Established companies may welcome a political transition, while other operators have benefited from opaque deals under the current US-backed administration. Machado's presence challenges the US vision for Venezuela's transition and heightens tensions within the ruling party.
UK government insiders suggest the Rosebank oilfield can be approved without violating domestic emission targets, as most of the extracted oil will be exported and count towards other countries' emissions. Energy Secretary Miatta Fahnbulleh is reportedly leaning against approval due to climate concerns, despite pressure from colleagues like Chancellor John Healey, who highlight potential tax revenues.
Russia's crude exports from western ports may fall by up to 200,000 barrels per day in November, according to preliminary loading schedules. This potential decline is attributed to increased diesel production by Russian refiners following a new agreement with the United States. The arrangement aims to boost Russia's diesel sales amid a global shortage, but requires higher crude processing rates.
Major consumer goods companies including Coca-Cola, Nestle and Reckitt are warning of further price increases next year due to rising energy, raw material and freight costs stemming from the war in Iran. These companies are facing a challenge in balancing cost absorption with consumer willingness to pay higher prices for everyday items.
Saudi Aramco is offering discounted crude oil to European refiners for October and November, signaling a recovery in exports following an attack on its East-West pipeline. The company had previously canceled October contracts due to the disruption. Saudi Arabia has significantly increased its oil output, with other Gulf producers also recovering, helping to push down prices for some European crude grades.
US energy companies are set to produce a record amount of natural gas in 2026, marking a second consecutive year of growth, driven by increasing global demand for liquefied natural gas exports and power for data centers. EQT Corp. announced a $13 billion deal to acquire Range Resources, creating the largest US gas producer.
The average cost of a 100-piece bag of Halloween candy has increased 71% since 2021, driven by rising cocoa costs, supply shortages, and extreme weather. Consumers are expected to spend $4.1 billion on candy this year, with families looking for ways to cut costs.
Oil prices fell about 1% on Tuesday as diplomatic efforts involving Iran eased immediate supply concerns. Brent crude futures declined to $114.81 a barrel, and US West Texas Intermediate crude was down to $100.88. Houthi attacks on Saudi Arabia and continued risks to shipping kept uncertainty elevated.
Oil prices fell 1% on Tuesday due to eased supply fears from Iran diplomacy, despite Houthi attacks.
Oil prices rose slightly, reversing earlier losses, as diplomatic talks offered hope despite renewed Houthi attacks.
Oil futures declined as Middle East peace talks gained prominence, despite ongoing Houthi attacks on Saudi Arabia.
Sumitomo Electric Industries is expanding its range of ultrahard tools that use significantly less tungsten, a critical metal subject to Chinese export restrictions. The company showcased its latest offerings on Oct. 26, aiming to provide alternatives for manufacturers seeking to reduce reliance on Chinese supply.
