Costco Raises Motor Oil Prices Amid Ongoing Middle East Tensions

Costco has raised the price of its Kirkland Signature full-synthetic motor oil from around $30 to $58 per two-pack, a nearly twofold increase. The company is also limiting customers to buying just two packs per week. This move comes as oil prices continue to rise due to ongoing tensions in the Middle East.

According to Patrick De Haan, head of petroleum analysis for GasBuddy, 'the normal car requires four to five quarts every 5,000 miles or so.' Costco's limit is considered 'what would be an extremely reasonable amount' by De Haan. However, the price hike and purchase limits may indicate a larger issue: high oil prices.

Oil prices have reached their highest level in months, with Brent crude reaching $109 per barrel on Monday morning. The price increase is attributed to attacks in the Middle East, including an attack on the East-West Crude Oil Pipeline in Saudi Arabia, which will be out of service for weeks.