crude oil News Updates

Iranian officials have repeatedly warned that a deal with Oman on the strait’s navigation would not equate to an immediate re-opening of the waterway.

Demand to urgently pass through the waterway has soared after the Iran war upended global trade routes, particularly to Asia.

Brent crude fell 2.8% to $87.99 per barrel. Elevated oil prices are a major driver of higher costs.

The price for a barrel of Brent crude oil fell 2% to $90.78.

Brent crude, the international standard, rose 0.7% to $94.46 a barrel. It was trading at roughly $72 per barrel before the start of the war. 

With sparse details, Trump announced that the U.S. would be imposing an “unprecedented” level of economic warfare and isolation on Iran, aiming to force its leadership to fully reopen the Strait of Hormuz.

The shuttling tankers have helped the OPEC producer sustain flows and keep global markets supplied, emulating a similar move by the UAE to transport oil out of the Persian Gulf through the Strait of Hormuz.

Brent crude, the international standard, surged 1.8% to $93.24 a barrel. It was trading at roughly $72 per barrel before the war.

Refineries processed 17.4 million barrels of crude oil on a daily basis last week, according to EIA. That surpassed any point since September 2019.

The UAE acts as a major financial and business hub for Iranians, and has in recent years been the Islamic Republic’s biggest trading partner, with billions of dollars of goods imported.