Oil Is Flowing From the Persian Gulf, but Prices Remain High. Why? NYT - Home Page By: Rebecca F. Elliott 1 October 2026 at 09:06 Crude oil costs close to $100 a barrel because traders are worried hostilities could soon restart and the world is burning through its emergency stockpiles. © Ruth Fremson/The New York TimesGovernments and companies the world over have been draining their oil storage tanks over the past seven months to keep a lid on prices.
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