crude oil News Updates

The price for a barrel of benchmark U.S. crude oil plunged 15.6% to $95.32. Brent crude, the international standard, tumbled 13% to $95.12 per barrel

While shipowners and insurers lined up to welcome the ceasefire, they also warned that more details will be needed to determine if safe transit is possible.

Exxon, which also said first-quarter earnings from its energy-products division would be lower, is among the first of the supermajors to disclose the war’s impact.

The price for a barrel of benchmark U.S. crude climbed 3.9% to $116.83. Brent crude, the international standard, added 0.7% to $110.55.

The 68% surge in crude prices since the Iran war began roughly five weeks ago is incentive enough to compel American oil executives to ramp up output.

Constraints in infrastructure and supply are likely to keep U.S. oil flows well below headline capacity figures often cited at around 10 million barrels a day.

Freight costs for very large crude carriers have surged. That’s creating a drag on export economics even as dock and pipeline capacities remain available.

The price for a barrel of benchmark U.S. crude rose 0.3% to $111.88 after erasing an earlier modest dip. Brent crude added 0.2% to $109.26 per barrel.

Key producers led by Saudi Arabia and Russia agreed to increase targets for May by about 206,000 barrels a day.