crude oil News Updates

Labor Day traditionally portends a break for drivers. But this year, something unusual is happening: Prices are on the rise. 

Brent crude fell 0.2% to $95.37 a barrel. U.S. gasoline prices will be higher this Labor Day weekend than they have ever been at this time of year, according to AAA.

Because diesel is used for many freight and delivery networks, higher diesel prices mean higher transportation costs for a long list of everyday goods.

The renewed fighting has sent U.S. crude prices sharply higher this week, up 11%. Brent crude, the international standard, rose 1.1% to $96.72 per barrel.

The hostilities have underscored Iran’s continued ability to choke a crucial maritime artery. The Hormuz strait handled a fifth of oil and LNG flows before the war.

An anonymous White House official said the discussion touched on regulatory changes, faster permitting and additional investments. 

Brent crude, the international standard, fell 0.5% to $94.71 per barrel. It was trading at around $72 a barrel before the start of the war in late February.

Chevron is finalizing a deal that will significantly expand its operations in Venezuela by adding two giant oil fields in the Orinoco Belt.

Brent crude gained 4.6% to $94.65 a barrel on Sept. 1, as recurring violence in the Iran war after more than a month with no significant fighting heightened uncertainty over the future of the conflict.

The U.S. is creating a private company as a joint venture with NABEP — a detail the White House had withheld for days.