Oil prices spike after US storm cuts production
Oil prices shot up 3% on Tuesday, January 27, 2026, after Winter Storm Fern knocked out a big chunk of US crude production—about 2 million barrels per day, or 15% of the country's output.
Add in some global drama and Middle East tensions, and you get pricier oil at the pump.
What's happening with oil prices?
Brent crude closed at $67.57 a barrel (up $1.98), while WTI hit $62.39 (up $1.76).
The Permian Basin—the heart of US oil—saw major outages but is expected to be fully restored by the end of the month, according to Energy Aspects.
Why does it matter?
The storm even froze Gulf Coast exports for a day and caused ripple effects worldwide.
On top of that, OPEC is pausing any new supply hikes for now, Kazakhstan is still fixing its own field issues, and the US just sent warships to the Middle East as things heat up with Iran.
All this means oil prices could stay high into February—so don't be surprised if filling up costs more for a while.