The U.S. Energy Information Administration said crude and petroleum-product prices generally increased in the third quarter of 2026, while U.S. refineries operated at high utilization, in an October 5 review. Brent spot prices reached as high as $132 per barrel in mid-September. The analysis depicts a market responsive to supply interruptions and news throughout the quarter; a single-day high is not the period average.

The front-month Brent futures contract began July 1 at $72 per barrel and moved higher after military strikes in the Middle East resumed on July 7. It passed $100 on July 23 and traded between $79 and $98 through September 8. The futures price again exceeded $100 after an escalation on September 9. Spot and futures are distinct market measures and should not be treated as one continuous series.

EIA says flows through the Strait of Hormuz and attacks on regional oil infrastructure influenced price moves. China’s crude imports remained below pre-conflict levels but rose from May and June, adding some demand back to the market. Releases from the U.S. Strategic Petroleum Reserve also slowed in September. These developments reduced some sources of supply relief, but do not determine future prices.

U.S. refineries averaged 95% utilization in the third quarter and processed the most crude oil for a third quarter since 2019, when refining capacity was 4% higher. Gasoline, distillate and jet-fuel crack spreads rose. EIA says the quarterly gasoline spread more than doubled its year-earlier level; distillate and jet-fuel spreads almost tripled amid tight global supply.

For the week ending September 25, U.S. distillate inventories were 13% below the five-year average, gasoline stocks were 7% below, and jet-fuel stocks were 3% above. A crack spread is an approximate difference between product prices and crude costs, not net profit. Operating expenses, product mix, freight, contracts and maintenance affect company results. High utilization also does not mean every refinery earned the same margin.

EIA’s quarterly review reports past price movements and end-period stock comparisons. Geopolitical risks, flows and demand can change with new information, so the quarter’s rise is not a straight-line forecast. The sector signal is that crude supply uncertainty and refined-product margins moved together while U.S. inventory positions differed by fuel. Future prices require separate evidence on supply, demand and policy.