crude oil News Updates

Disruptions in the Strait of Hormuz and damage to Persian Gulf refineries, as well as a wave of Ukrainian attacks on Russian plants, have severely constrained exports from exporting regions.

A barrel of Brent crude oil, the international standard, slipped 0.6%, to $82.07. Brent rose nearly 4% on Aug. 6 as progress toward reopening the Strait of Hormuz remained unclear.

The Trump administration has ruled out any arrangement that would cement Iran’s grip over the Persian Gulf waterway, including Tehran charging fees.

The price of Brent crude, the international standard, rose 3.9% to $82.55 a barrel amid uncertainty about the direction of the U.S. war with Iran.

Saudi oil exports have been disrupted for months as the U.S.-Iran conflict all but shut down Persian Gulf crude flows.

State producer Saudi Aramco will reduce its Arab Light oil price for delivery to customers in Asia next month by 50 cents a barrel to $2 a barrel less than the regional benchmark.

ConocoPhillips announced that CEO Ryan Lance will retire and become executive chair of the board. CFO Andy O’Brien will become CEO effective Sept. 1.  

Brent crude fell 0.3% to $79.15 per barrel on Aug. 5. On Aug. 4, it sank 5.3% as hopes rose for progress toward a full reopening of the Strait of Hormuz. 

The global scramble for diesel is increasingly draining U.S. supplies. Exports of distillate fuel rose to 1.9 million barrels a day last week, according to data released by the EIA.

While fighting between the sides has paused for now, a number of other issues remain unresolved — not least Iran’s nuclear program.