Crude Oil Dips Below $120 a Barrel
NEW YORK --- Crude oil fell below $120 a barrel for the first time since May, after weather reports suggested that Tropical Storm Edouard will miss most offshore oil facilities as it approaches the coast of Texas, Bloomberg reported.
NEW YORK --- Crude oil fell below $120 a barrel for the first time since May, after weather reports suggested that Tropical Storm Edouard will miss most offshore oil facilities as it approaches the coast of Texas, Bloomberg reported.
Futures fell as much as $5.60 a barrel, despite port closings and rig evacuations in the Gulf, a threat to oil supplies from Iran, and a fire at Valero Energy Corp.'s Houston refinery.
Edouard is headed for Galveston, Texas, the biggest U.S. petroleum port. What's more, Apache Corp. halted 8,600 barrels a day of oil production and 130 million cubic feet a day of natural gas output today as it evacuated 110 workers from offshore platforms in Louisiana because of the storm. But all that wasn't enough to keep crude prices from falling.
Crude oil for September delivery fell $3.92, or 3.1 percent, to $121.18 a barrel at 12:28 p.m. on the New York Mercantile Exchange today. New York oil futures have dropped more than $26 a barrel from the record $147.27 on July 11 as fuel demand has diminished.
More Fuel
Turning Fleet Payment Data into Executive Insights
Ramel Lindsay of U.S. Bank Voyager discusses how fleets can transform payment and transaction data into actionable intelligence to reduce costs, improve oversight, and support executive decision-making.
Read More →
Why the IRS Raised Its Mileage Rate in the Middle of 2026
Fuel-price volatility drove the rare increase to 76 cents per mile, the fifth midyear adjustment since 2000.
Read More →
July Fuel Update: Prices Keep Rising in Light of More Conflict
Gas prices continue to rise as more and more conflicts do, too.
Read More →
Bob Adamsky on Fuel Volatility: "Don't Panic, Have a Plan."
When it comes to up and down fuel prices, Adamsky has a message for fleets: “Don’t panic.”
Read More →
How Fleets Can Gain Control of Non-Fuel Spend
Fuel often gets the spotlight, but non-fuel expenses can have a major impact on fleet costs. Ramel Lindsay of U.S. Bank Voyager discusses how fleets can gain better visibility and control over these often-overlooked expenditures.
Read More →
Fuel is Just the Start: How Middle East Tensions are Driving Up Fleet Maintenance Costs
The Middle East conflict is doing more than pushing up fuel prices. It’s also raising the cost of key maintenance products your fleet depends on, from motor oil to tires to windshield wipers. Here’s what you need to know about this budget-busting situation.
Read More →
June Fuel Update: Prices Fall Below $4
Drivers are finally getting some relief at the pump. The national average gas price has dropped below $4 a gallon for the first time in months, with prices falling in 47 states as oil markets react to developments in U.S.-Iran negotiations.
Read More →
Study: How 2026's Gas Price Hikes Affect Different Vehicle Types
New data from iSeeCars reveals how rising fuel costs have affected different vehicle segments as gasoline prices climbed nearly 46% over the past four months.
Read More →
Are You Tracking Your Fleet's True Total Cost of Ownership?
Bobit Business Media surveyed 190 fleet professionals and found that while most fleets are tracking costs, fragmented systems and data gaps are keeping true TCO visibility out of reach. With rising pressure to control spend in an increasingly volatile environment, the gap between what fleets think they know and what the data actually shows is wider than you might expect. See how your peers are managing costs today and where the industry still has room to improve.
Read More →
May Fuel Update: All Regions Experience Declines
Gas prices are finally easing in much of the country, but experts warn global tensions could quickly reverse the trend as the national average remains well above last month’s levels.
Read More →