{
  "id": 12352122,
  "title": "Crude oil prices and refinery margins generally increased throughout the third quarter",
  "url": "https://urgent.news/2026/10/06/crude-oil-prices-and-refinery-margins-generally-increased-throughout",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-06T10:00:27.000Z",
  "source": {
    "name": "Hellenic Shipping News",
    "slug": "hellenic-shipping-news",
    "url": "https://www.hellenicshippingnews.com/crude-oil-prices-and-refinery-margins-generally-increased-throughout-the-third-quarter/"
  },
  "original_language": "en",
  "account": "In the third quarter of 2026, the petroleum market experienced a surge in crude oil and petroleum product prices due to ongoing conflict in the Middle East. Brent crude oil, which began the quarter at $72 per barrel, steadily climbed to exceed $100 per barrel on July 23 and remained fluctuating between $79 and $98 per barrel until September 8. This price increase was attributable to military strikes on energy infrastructure in the Middle East and Russia, as well as the unwinding of measures that had previously mitigated the impact of reduced global supplies.\n\nChina's crude oil imports, which had fallen dramatically since the beginning of the war, slightly recovered in 3Q26, adding a small amount of demand to the market. However, the U.S. Strategic Petroleum Reserve's releases slowed significantly in September, limiting additional supply as the disruption persisted. The disruption of supply, particularly from Saudi Arabia, further pressured Brent crude oil spot prices as buyers struggled to find short-term supply.\n\nRefineries in the United States operated at unusually high levels in 3Q26, processing the most crude oil since 2019, when refining capacity was 4% higher. U.S. refineries averaged 95% utilization during this period, processing significant amounts of crude oil. Transportation fuels, such as motor gasoline, distillate, and jet fuel, experienced elevated refinery margins due to tight global supply. The gasoline crack spread more than doubled the year-ago level in the quarter, while distillate and jet fuel crack spreads almost tripled compared to the previous year. This was primarily due to the supply disruptions caused by the war in Russia, China, and the Middle East, which supplied a large share of these fuels to global markets.",
  "summary": "Petroleum markets in the third quarter of 2026 (3Q26) were characterized by increasing prices for crude oil and petroleum products amid persistent conflict in the Middle East. Crude oil prices Crude oil prices steadily climbed in 3Q26 as markets adjusted to renewed military strikes in the Middle East. The front-month futures price of a barrel ...",
  "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."
}