Latest News Updates From Bloomberg News

China shares the goal of reopening the Strait of Hormuz with the U.S., though there was no sign of a breakthrough between the superpowers on how to achieve that.

Speaker Mike Johnson called suspending the federal gas tax “an intriguing idea” but didn’t commit to a timeline as momentum builds to take action.

American Trucking Associations, Truckload Carriers Association and National Tank Truck Carriers released a statement detailing their position on the proposal.

President Trump is forging ahead with plans to hold a summit with counterpart Xi Jinping next week in Beijing despite unease in China over the Iran war.

Iranian media reported that shipowners need to send an email to an organization called the Persian Gulf Strait Authority if they want to send ships through the strait.

Europe is ready to respond should President Donald Trump follow through on his threat to raise tariffs on cars and trucks from the European Union to 25%.

But U.S. domestic inventories are quickly depleting, and America’s oil producers are struggling to keep up. 

The oil industry is wrangling over who should be liable for contracted shipments that weren’t delivered as a result of the Iran war. 

The extended closure of the Strait of Hormuz and extreme weather have jolted farm commodities prices to a two-year high.

The oil and LNG shortages caused by the blockade of the Strait of Hormuz are likely to drag on for months and possibly into next year, Shell CEO Wael Sawan said.