The U.S. Energy Information Administration said petroleum markets in the third quarter of 2026 were marked by higher crude oil and product prices amid persistent conflict in the Middle East.
EIA said Brent crude started the quarter at $72 a barrel on July 1, passed $100 a barrel on July 23, moved back above that level on Sept. 9 and peaked at $109 on Sept. 15. The agency said prices reflected renewed military strikes, disruptions and supply risks tied to the Middle East and Russia, along with slower releases from the U.S. Strategic Petroleum Reserve in September.
EIA also said U.S. refineries ran at an average utilization rate of 95% in the quarter, processing the most crude oil for any third quarter since 2019. The agency said higher refinery inputs reflected strong margins for transportation fuels.
Gasoline, distillate and jet fuel crack spreads were all elevated, with gasoline more than doubling from a year earlier and distillate and jet fuel almost tripling. EIA said distillate crack spreads were the highest, followed by jet fuel, and noted that U.S. distillate inventories were 13% below the five-year average as of the week ending Sept. 25. Gasoline inventories were 7% below the five-year average, while jet fuel inventories were 3% above it.
