crude oil News Updates

Brent crude, which was trading for around $70 per barrel before the start of the war, gained 1% to $91.91 per barrel early Aug. 19.

A near-perfect storm of factors has coalesced to raise prices, threatening a winter of higher heating bills and inflationary shocks.

The price for a barrel of Brent crude rose 0.1% to $91 a barrel. It gained 2.7% on Aug. 17.

The deal would likely reopen the strait with ships entering through a route close to Iran and exiting through a route close to Oman. Ships would transit without paying fees or tolls during an interim period.

The price for a barrel of Brent crude rose 2.4% to $90.62 on Aug. 17 in what counts as a relatively modest move compared with its jagged recent swings.

Talks have focused on reopening the Strait of Hormuz and lifting a U.S. blockade on Iran, both of which were supposed to have happened under the interim deal. There has been no sign of any compromise on the strait.

Vessels carrying non-Iranian crude started turning off their transponders to avoid detection in the weeks following the start of the conflict in late February.

Brent crude, the international standard, rises 0.4% to $87.46. The average price of gas rose again overnight to $4.08, according to motor club AAA.

Chevron and ConocoPhillips cut capital expenditure in the Lower 48 by 10% in the first six months of the year while Occidental Petroleum cut spending in the Permian Basin by 20% in that period.

Oil prices eased on Aug. 13, helping to limit worries about inflation. The price for a barrel of Brent crude oil fell 2.5% to $86.75.