Latest News Updates From Alex Longley

Oil prices have seen their most volatile start to a month in almost two years as the spiraling tensions between Iran and Israel spur a bumper bout of volatility.

Chinese purchases of a relatively niche type of fuel from the U.S. have been the single biggest contributor to global oil demand growth in recent years, the International Energy Agency said.

Oil will need to be closely watched in the coming months to ensure “a sound and sustainable market balance” during an expected surge in demand, OPEC said in its monthly oil market report.

Wallenius Wilhelmsen ASA, one of the largest car shipping companies, said it expects a $5 million to $10 million hit to its earnings from the Baltimore bridge disaster.

Some oil tanker earnings have soared above $100,000 a day as the disruption of shipments through the Red Sea persists.

At least five vessels transiting the Red Sea are using their signals to say they have links to China — the latest unusual measure taken to try to avoid attack by Houthi militants in the Red Sea.

The Panama Canal Authority said it will add extra slots allowing ships to pay big premiums to transit the waterway, which has become congested due to an ongoing drought.

The record number of supertankers sailing toward the shores of the U.S. is getting ever larger, as there are 51 ships headed to the nation’s ports over the next three months.

The car industry, already grappling with a shortage of semiconductors, is now seeing another source of supply chain concern: a lack of ships.

West Texas Intermediate pared earlier gains after U.S. Energy Secretary Jennifer Granholm told MSNBC that President Joe Biden may make an announcement to address high oil and gasoline prices this week.