Goldman Sachs says average crude shipping costs have climbed above $20 a barrel, up from about $3 a year ago, and some Middle East routes now cost more than $35. That adds pressure to oil markets even as Gulf producers restore exports disrupted by the conflict involving Iran.
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Iran's Revolutionary Guard navy says seven ships, including oil tankers, were hit by its forces or struck mines in the Persian Gulf over the past day. Four tankers were hit during oil transfers in the northern Gulf, and three vessels hit mines west of the Strait of Hormuz. Oil prices surged on the news.
The Energy Department is offering an exchange of up to 315,000 barrels of fuel oil from the Northeast Home Heating Oil Reserve to ease supply disruptions. Companies that borrow it must return the same amount plus a premium before the 2027–28 heating season.
Record gasoline and diesel prices in Europe are speeding the shift to electric cars. September battery-EV sales jumped 60% while gasoline car sales fell 20.6% and diesel sales 28.2%, according to the European carmakers' association (ACEA).
The Energy Department announced about $967 million in additional Grid Resilience formula grants for states, territories and tribes. The money is meant to upgrade infrastructure, prevent outages and meet growing electricity demand.
