Costco Raises Motor Oil Prices Amid Ongoing Middle East Tensions

Costco has raised the price of its Kirkland Signature full-synthetic motor oil to around $58, up from approximately $30 just last year. The wholesale club is also limiting customers to purchasing two boxes a week.

The move comes as oil prices continue to rise due to ongoing tension in the Middle East. Brent crude hit over $109 per barrel on Monday morning, with estimates suggesting the United States imports more than 40% of Group III base oils from the region.

As a result, oil companies may prioritize refining crude into diesel or gasoline over motor oil, given the higher demand and profit margins for these products. Diesel prices in the US have already reached a record high at $6.23 per gallon on average.