West Texas Intermediate (WTI) futures opened at $58.90 per barrel (bbl) on October 13, 2025. Brent crude opened at $62.73 per barrel. Both benchmarks remain closely watched gauges of global energy supply and demand.

U.S. oil prices on Tuesday traded at their lowest levels since May, as "concerns over oversupply and weak demand have quickly reasserted themselves," according to Robbie Fraser, associate director, Global Research & Analytics,

India's palm oil imports in September dropped to their lowest since May as refiners shifted to cheaper soyoil, shipments of which hit a more than three-year high, the Solvent Extractors' Association of India said on Wednesday.

More than 140,000 gallons (3,300 barrels) of oil gushed out, blackening beaches for 150 miles (240 kilometers) from Santa Barbara to Los Angeles, polluting a biologically rich habitat for endangered whales and sea turtles,

The oil market faces an even larger surplus than previously anticipated as oil supply growth forecasts for this year and next outpace global demand.

The strike reportedly occurred around midnight, marking the second attack on the facility in a week — the previous one took place on Oct. 6, according to the Crimean Wind Telegram channel.

The world oil market faces an even bigger surplus next year of as much as 4 million barrels per day as OPEC+ producers and rivals lift output and demand remains sluggish, the International Energy Agency predicted on Tuesday.

Decades of mismanagement, underinvestment and corruption have strained the power grid of Iraq, which is OPEC's second-largest producer after Saudi Arabia.