Markets · NY Daily Wire
A driver refuels a vehicle at a Chevron gas station in Miami, Florida, Sept. 3, 2026. Zak Bennett/Bloomberg via Getty Images Warehouse club retailer Costco imposed constraints on the amount of motor oil members can purchase and raised prices according to the AP . Shoppers looking to buy the two-pack of 5-quart bottles of Costco's house brand Kirkland Signature full synthetic motor oil are met with a notice that details a "limit of 1 transaction per membership, with a maximum of 2 units every 7 days," according to Costco's website .
The price has risen to $57.99, up significantly from the typical range near $30, as first reported by automotive publications The Drive and The Auto Wire . Sales of Mobil 1 motor oil on the site are also limited on Costco's website, with a limit of five per membership at $43.99 for a 6-pack of 1 quart bottles. Representatives for Costco did not immediately respond to CNBC's request for comment.
The limits placed by the wholesale retailer known for bargain prices and bulk sales are reflective of an increasingly hot market for products based on crude oil. Brent crude , the global oil benchmark, traded above $109 per barrel Monday morning, hitting highs not seen since May after gaining 9% the week before. West Texas Intermediate (WTI) futures traded above $104 per barrel.
Both benchmarks went lower by Monday's close, settling at $105.68 a barrel and $101.39 a barrel, respectively. The rise in oil prices comes as ongoing conflict in the Middle East stretches and broadens. Saudi Arabia closed its key East-West oil pipeline after drone attacks launched from Iraq damaged parts of it last week.
The tightening oil supply has led to stronger profits for refiners to manufacture finished fuels like diesel and gasoline, causing refiners to favor fuel production over base oil, the key component in modern synthetic motor oil, according to The Auto Wire and the AP. This further affects motor oil supply, leading to price increase. The conflict has pushed gas and diesel prices higher in the U.S. as well, with gasoline hitting a Labor Day record and U.S. diesel hitting a record high above $6 per gallon.
Source: CNBC
