crude oil News Updates

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.

Brent crude, the international standard, rose back to $100.49 per barrel and is well above its roughly $70 price from before the war.

Output collapsed by 7.88 million barrels a day to 20.79 million a day in March, driven by losses in Iraq, Saudi Arabia, the United Arab Emirates and Kuwait.

Analysts say resumption of prewar levels by July “might introduce $15- to $20-a-barrel upside risk to prices.” 

Crude shipments for April are already inching toward about 4.9 million barrels a day based on current loadings, up from 3.97 million barrels a day in March.

Brent crude oil, the international standard, fell 0.5% to $95.47 on April 10.

Benchmark U.S. crude was 6.8% higher on April 9 at $100.79 a barrel. Brent crude, the international standard, rose 3.7% to $98.24 per barrel.

Just seven ships, all with a prior link to Iran, were observed making the voyage out of the Persian Gulf. Normal transits in both directions are more like 135 a day.