Thursday, October 8, 2026

Hormuz tanker attacks and Gulf hurricane send fuel prices sharply higher

Diesel at $4.71 a gallon wholesale and retail pump prices north of $6 — the fuels market is having a moment, and not the good kind. Escalating Hormuz tanker attacks and a hurricane bearing down on the Gulf Coast are doing the kind of double-duty on prices that traders dream about and everyone else dreads.

Crude and refined products rallied sharply Thursday as Iran-linked tanker attacks in the Strait of Hormuz collided with a hurricane threat shutting in roughly a quarter of US Gulf production, pushing diesel cracks above $100/bbl and gasoline cracks near $46/bbl. Ukrainian drone strikes on Russia's Omsk and Salavat refineries added to global supply anxiety, while Venezuela's Cardón refinery resumed operations after a fire. On the policy side, EPA moved to restore lost RFS demand from refinery exemptions, Cummins warned against Texas's diesel sulfur waiver, and diesel's historic premium over gasoline continued to draw political and consumer scrutiny.

Gasoline
$3.396/gal
unch
ULSD
$4.713/gal
unch
WTI
$96.24/bbl
unch
Gas crack
$46.39/bbl
unch
Diesel crack
$101.71/bbl
unch
Retail gas
$4.50/gal
unch
Retail diesel
$6.20/gal
unch
Change vs. prior data point. Spot prices & single-product cracks vs WTI, from EIA data ↗

📈 Markets & Prices

NYMEX Overview: Petroleum Futures Move Sharply Higher as Hurricane, War Raise Supply Uncertainty -- OPIS
Crude and refined product futures jumped sharply Thursday morning on prospects of renewed US-Iran fighting and a hurricane threatening Gulf Coast production, per OPIS.
MarketWatch · original source ↗
Crude, Diesel, And Storm Risks: Key Drivers Behind Today's Rally
Energy markets rallied again Thursday as war-related supply impacts and the season's first Gulf hurricane threat both drove the move, per TACenergy.
TACenergy Market Talk · original source ↗
How Diesel Went From Cheaper Than Gasoline To Much More Expensive
Diesel has flipped from historically cheaper than gasoline to a much larger premium, driven by tighter fuel standards, taxes, global demand, and distillate shortages.
Forbes · original source ↗
Trump's Iran war is costing us. Voters can make the GOP pay | Opinion
GasBuddy's Patrick De Haan noted diesel's 'fuel clock' hit a new high amid what the piece frames as costs from the Iran conflict.
USA TODAY · original source ↗
Why soaring diesel prices could hit your wallet in unexpected ways
Soaring diesel prices are poised to trickle down through the economy given diesel's role in trucking and agriculture, per USA Today.
USA TODAY · original source ↗
GOP efforts to lower gas prices derailed by Republican infighting
GOP efforts to lower gas prices ahead of Election Day stalled in the Senate amid Republican infighting.
The Hill · original source ↗
EIA: US crude oil inventories down 3.2 million bbl
EIA reported US crude oil inventories fell 3.2 million bbl to 424.1 million bbl, about 1% above the five-year average.
Oil & Gas Journal · original source ↗
Mixed outlook for energy expenditures this winter
EIA's winter outlook sees mixed energy expenditures, with higher heating-oil prices increasing costs for households using that fuel while natural gas and propane users see declines.
EIA Today in Energy · original source ↗

🏭 Refining & Supply Ops

Oil jumps 5% as Hormuz tanker attacks escalate, US Gulf hurricane shuts in production
Oil jumped 5% as Hormuz tanker attacks escalated alongside US Gulf hurricane preparations that forced production shut-ins, pushing Brent and WTI higher.
Oil & Gas Journal · original source ↗
Drone attack reported at Russia's largest oil refinery; Ukrainian manufacturer claims FP-1 involvement
A drone attack hit Russia's Omsk refinery, the country's largest, with a Ukrainian manufacturer claiming its FP-1 drone was involved.
hromadske · original source ↗
Ukraine strikes major oil refinery and petrochemical complex in Bashkortostan
Ukraine's armed forces said a strike caused a fire at Gazprom Neftekhim Salavat, a strategic Russian refining and petrochemical complex in Bashkortostan.
operativmm · original source ↗
Update: Venezuela's Cardon refinery resuming crude distillation after fire
Venezuela's 310,000-b/d Cardón refinery was restarting crude distillation units after a fire forced a shutdown earlier in the week.
Hydrocarbon Processing · original source ↗

🏛️ Policy & Credits

US EPA begins process to restore lost RFS demand from refinery exemptions
US EPA began the process to restore RFS demand lost to refinery small-refiner exemptions, with IRFA urging timely finalization to avoid rural market uncertainty.
Biobased Diesel Daily · original source ↗
Cummins warns EPA's Texas diesel waiver risks engine damage
Cummins warned that EPA's temporary Texas diesel sulfur waiver could damage modern engines and void warranties if unapproved fuel is used.
Commercial Carrier Journal · original source ↗