The story so far · 2 days, October 17 to 24, 2026
One Turn followed this story across 2 editions, from Gulf Coast, United States on October 17, 2026. Newest first.
Oil has risen on fears of renewed US strikes on Iran and attacks on Gulf shipping and Saudi oil sites. The US strategic reserve is an emergency stockpile used to ease supply shocks.
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Brent crude rose 2.8% to $111.70 a barrel, up 9.5% over the past month. The US Energy Department approved an emergency loan of up to 400,000 barrels from its strategic reserve to a Louisiana refinery. The reserve is already at its lowest level since 1982.
Why it matters: Higher crude prices feed into fuel, flight and shipping costs for households and businesses worldwide.
Sources: OilPrice, UPI · See it on the globe
The United States put another 17 million barrels of crude from the Strategic Petroleum Reserve on offer as a fuel crisis deepens, even as US drillers held their rig count flat despite soaring prices.
Sources: OilPrice, OilPrice · See it on the globe