crude oil News Updates

U.S. oil cargoes transiting the Panama Canal are close to a four-year high as Asian refiners rush to import American crude in lieu of Mideast supplies.

Brent crude, the international standard, dropped 10.5% to $88.96 per barrel. Benchmark U.S. oil tumbled 10.8% to $81.38 per barrel.

U.S. President Donald Trump and Iran’s foreign minister said April 17 that the Strait of Hormuz is now fully open to commercial vessels.

Oil prices climbed, showing that caution still remains in financial markets. The price for a barrel of Brent crude oil rose 5.1% to $99.74. 

Fatih Birol warns of possible flight cancellations soon if oil supplies remain blocked by the Iran war.

The price for a barrel of Brent crude, the international standard, added 0.9% to $95.64. That’s still well above its roughly $70 price from before the war.

Trukker, a UAE-based business, experienced a 30% increase in its road shipments in March based on full truckloads.

National average diesel prices sat at $5.65 a gallon on April 13, more than 60 cents above their previous high-water mark for this time, set in 2022.

The price for a barrel of Brent crude oil, the international standard, fell 3.8% to $95.56. That’s still above its $70 level from before the war.

More than 80 energy facilities have been damaged during the hostilities, and a recovery could take as long as two years, Fatih Birol warns.