crude oil News Updates

The price for a barrel of Brent crude fell 3% to $104.42. Oil prices jumped earlier this week to their highest levels since May because of the war with Iran. 

Higher diesel prices mean more expensive transportation for a long list of everyday goods. 

North American Blue Energy Partners is aiming to increase production to 500,000 barrels a day by the end of 2028 from about 200,000 currently. 

Higher futures prices for diesel, seen as the workhorse of the global economy, typically ripple through to the pump and stoke inflation.

The price of Brent crude, the international standard, jumped 4% to $105.26 a barrel, after rising 4.3% on Sept. 9.

Freight analysis from data intelligence firm Kpler suggests daily earnings for VLCCs will stay above $100,000 a day into next year, more than double historical levels.

Tehran has no intention of backing down in the face of an American naval blockade and attacks on its oil tankers, said the official, who asked not to be identified discussing sensitive matters.

The price of oil surpassed $100 a barrel for the first time since July. Brent crude, the international standard, jumped 3.3% to $101.18.

Canal income rose to $505 million in July, data from the state statistics agency showed, the highest monthly level since December 2023.

Brent crude rose 0.9% to $97.85 a barrel — its highest level in about six weeks — as tensions simmered in the six-month U.S. war with Iran.