{
  "id": 10846886,
  "title": "More oil out of the Gulf translating to lower prices",
  "url": "https://urgent.news/2026/09/30/more-oil-out-of-the-gulf-translating-to-lower-prices",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-30T02:57:55.000Z",
  "source": {
    "name": "FreightWaves",
    "slug": "freightwaves",
    "url": "https://www.freightwaves.com/news/more-oil-out-of-the-gulf-translating-to-lower-prices"
  },
  "original_language": "en",
  "account": "Reports indicate that crude oil flows out of the Persian Gulf are nearing pre-war levels, contributing to a decline in oil prices. This has impacted the benchmark retail diesel price, which is used for most fuel surcharges, falling to $6.382/g, a decrease of 14.7 cts/g. This is the first decline in four weeks and follows three weeks of consecutive weekly highs. The price will take effect on Monday but is published on Tuesday.\n\nThe decline in oil prices is attributed to the weakening Iranian ability to hinder oil flow through the Strait of Hormuz, reducing their leverage in talks with the U.S. Oil markets responded negatively to this consensus, driven lower by reports from J.P. Morgan indicating Gulf crude flows nearing pre-war levels. However, product exports are only slightly above 50% of pre-war figures. Iran, which has not joined the resumption of flows, remains under a U.S. blockade, effectively halting its exports.\n\nIn the futures market, ultra low sulfur diesel (ULSD) on the CME fell to a settlement of $4.6847/g, bouncing back to $4.79/g by Tuesday. This movement was partly influenced by the expiration of the October ULSD contract, which occurred on Wednesday. Short positions that had benefited from the declining prices, but later needed to cover their positions, may have contributed to the settlement's increase on Monday and Tuesday.\n\nMeanwhile, Texas Governor Greg Abbott issued a disaster proclamation to allow dyed diesel, which has a lower tax burden, to be used on the road beyond its regular agricultural applications. Abbott also sought a temporary Clean Air Act waiver of federal ultra-low sulfur diesel rules from EPA Administrator Lee Zeldin. However, most refiners have already transitioned to producing only ULSD, with limited high-sulfur material, as the U.S. market for high-sulfur diesel is minimal. It remains unclear whether refiners would alter their approach if such a waiver were granted.",
  "summary": "The benchmark diesel price used for most fuel surcharges fell after three straight increases. The post More oil out of the Gulf translating to lower prices appeared first on FreightWaves .",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}