WTI rises to $103.01 as Newsom blames Trump administration for Iran disruptions

  • Gov. Gavin Newsom accused Trump and Chris Wright of failing to protect Americans from Iran-war disruptions.
  • $4.3163 per gallon was Monday’s national average gasoline price, with diesel at $6.2301.
  • ExxonMobil’s Joliet refinery restored power but required several days to resume full operations.

Gov. Gavin Newsom (D-CA) accused President Donald Trump and Energy Secretary Chris Wright of failing to protect Americans from disruptions he said were foreseeable consequences of the war with Iran, including pressure on the Strait of Hormuz and higher energy costs. The White House did not immediately respond to Benzinga's request for comment. Wright had blamed the previous President Joe Biden administration and Newsom's California administration for closing oil refineries, arguing that limited refining capacity was a major U.S. problem. ExxonMobil Holdings Corp's refinery in Joliet, Illinois, also went offline after what GasBuddy analyst Patrick De Haan described as a total power outage. The 275,000-barrel-per-day facility restored power, but De Haan said full operations would take several days. Great Lakes spot gasoline prices rose 35 cents per gallon and diesel prices increased 22 cents, with likely effects in Indiana, Ohio, Illinois and Wisconsin. The American Automobile Association put the national average gasoline price at $4.3163 per gallon and diesel at $6.2301. October West Texas Intermediate crude futures rose 1.60% to $103.01, while November Brent futures gained 1.42% to $107.18. Iran Security Chief Mohsen Rezaee rejected Trump's signals that the United States was open to negotiations, saying there would be no talks until Iran's conditions were met. Rezaee had earlier said Iran would block oil movement through the Strait of Hormuz after new U.S. economic restrictions, while Tehran demanded a return to the terms of a June Memorandum of Understanding (MoU). Iran-backed Houthis in Yemen also struck Saudi Arabia's East-West pipeline, adding to disruptions in the global oil supply chain.

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WTI rises to $103.01 as Newsom blames Trump administration for Iran disruptions - CoinPost Terminal