XLE & Oil

EU Scrambles to Contain Energy Price Crisis Ahead of Winter

OilPrice.com·Oct 29, 2026 · 2:30 AM CT
Read the original at OilPrice.com
Readthrough summary

EU energy ministers are meeting to tackle a worsening energy price crisis as winter heating season nears, with the diesel squeeze pushing prices to record highs. Energy Commissioner Dan Jorgensen reportedly said two decades of refinery closures were a mistake, and EU natural gas touched 100 euros per MWh on Wednesday.

Summary written by Readthrough from the original article. The full story, with photos and any updates, is at OilPrice.com.

Read the original at OilPrice.com

More XLE & Oil

Rigzone·

Oil Rises with Iran Attack Report, Israeli Election in Focus

Oil rose Wednesday as traders weighed whether the U.S. could resume strikes on Iran after next week's midterms and watched a tight Israeli election. Brent rose 1.3% to settle above $115 a barrel after a two-day drop and WTI closed near $103; the Wall Street Journal reported the U.S. told several Gulf nations to prepare for a short, intense campaign, though President Trump hasn't decided.

OilPrice.com·

Oil Prices Fall as Vance Moves to Restart Iran Peace Talks

Crude gave back some of this week's gains after Vice President JD Vance contacted the secretary of Iran's Supreme National Security Council in a bid to restart peace talks. At the time of writing Brent traded at $114.14 and WTI at $101.45, both down from Wednesday but still well above where they started October.

Oil & Gas 360·

UBS raises Brent forecast to $110 as Middle East supply risks persist

UBS raised its year-end Brent forecast to $110 a barrel from $100, citing continued Middle East supply disruptions, rising transportation costs and uncertainty over how fast global petroleum inventories recover. The bank's outlook suggests prices could stay elevated.

Oil & Gas 360·

Phillips 66 posts record quarterly profit as refining margins more than triple

Phillips 66 posted record third-quarter earnings as refining margins more than tripled and overseas demand for U.S. fuel stayed strong. Adjusted earnings of $14.08 a share beat the $11.73 analysts expected, and net income reached $5.62 billion, up from $133 million a year earlier.