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 approximately $58 for a 5-quart two-pack, citing rising crude oil prices.

The wholesale club operator is also limiting purchases of the oil to two boxes per week and restricting sales of Mobil 1's full-synthetic motor oil 1-quart six pack to five units per membership.

With oil prices continuing to rise due to ongoing tension in the Middle East, oil companies are likely to prioritize turning crude oil into diesel or gasoline over producing motor oil, which has a lower demand and volume.

The price for a barrel of Brent crude surpassed $109 on Monday morning as fighting in the region keeps squeezing global oil supplies.