Costco Raises Motor Oil Price Amid Ongoing Middle East Tensions

Costco has increased the price of its Kirkland Signature full-synthetic motor oil to $58 per 5-quart two pack, up from around $30 last year. The wholesale club is also limiting purchases to two boxes a week.

The move comes as oil prices continue to rise due to ongoing tension in the Middle East. Brent crude has jumped above $109 per barrel after an attack on a Saudi oil pipeline. This has led to higher gas prices, with regular gasoline averaging nearly $4.32 per gallon and diesel at a record high of over $6 per gallon.

Experts say that oil companies are prioritizing refining crude into diesel and gasoline due to high demand worldwide. Motor oil production is taking a backseat as a result.