XLE & Oil

Record Tanker Rates Cripple U.S. Crude Oil Flows to Asia

OilPrice.com·Oct 24, 2026 · 6:00 PM CT
Read the original at OilPrice.com
Readthrough summary

The Iran war has pushed oil tanker rates to records, with shipping a supertanker of crude from the U.S. Gulf Coast to China costing as much as $80 million earlier this month, ten times the pre-war norm. Rates are still about $60 million, high enough that Asian refiners are ordering little U.S. crude for November.

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·

Brent Tops $116 as Middle East Risks Grow

Brent crude ended the week at its highest since April, settling just under $117 after rising more than 6%, while WTI closed above $103. Houthi militants claimed attacks on Saudi Arabia's Red Sea port of Yanbu, an oil field and an airport, adding to supply fears from the U.S.-Iran war.

DOE News·

Energy Department Authorizes Strategic Petroleum Reserve Exchange to Support Fuel Supply Stability

The Energy Department authorized an emergency exchange of up to 400,000 barrels of Strategic Petroleum Reserve crude to cover a supply disruption at Phillips 66's Lake Charles refinery in Louisiana. The oil will be returned with additional premium barrels, which DOE says will replenish the SPR at no cost to taxpayers.

DOE News·

Energy Department to Use Defense Production Act Funding to Restart American Refinery and Expand Refining Capacity

President Trump announced up to $150 million in Defense Production Act Title III funding to expand petroleum production, storage and logistics at U.S. refineries, including restarting a refinery. DOE says the goal is more domestic gasoline, diesel and jet fuel and lower prices for families.

DOE News·

Energy Department Designates Helium as Critical Material to Strengthen American Manufacturing and Supply Chain Security

Energy Secretary Chris Wright designated helium a critical material under the Energy Act of 2020, citing its essential role in semiconductor manufacturing and advanced energy technologies. DOE says the move aims to reduce reliance on foreign supply and strengthen domestic manufacturing.