crude oil News Updates

The latest extension of the Jones Act is due to expire next month as the renewed war in Iran raises the prospect of prolonged fuel supply disruptions. 

Brent crude, the international standard, rises 0.2% to $84.93 a barrel as Iran threatens to block energy exports.

The attacks demonstrate the risk of transit for vessels that normally dominate the export of Persian Gulf barrels.

IMO Secretary-General Arsenio Dominguez said the Strait of Hormuz remains too dangerous for commercial vessels despite previous U.S.-Iran peace efforts.

The U.S. is advancing talks for a pipeline that would carry oil from Iraq to Syria, a route that avoids Hormuz and would reduce Iran’s future leverage over energy.

The historic boost to U.S. crude exports triggered by the Iran war will likely endure, according to the head of the largest U.S. oil port.

Tighter global fuel supplies threaten more pain for consumers already strained with high prices at the pump.

President Trump on July 14 backtracked on plans to charge ships for using the Strait of Hormuz, saying Gulf countries would instead invest in the United States.

The price of Brent crude climbed 3.5% to $86.18 a barrel after soaring nearly 10% on July 13. U.S. benchmark crude was up 3.1% at $80.55 a barrel.

Restoring oil tanker traffic in the vital Middle East shipping corridor to prewar flows likely will require a much bigger armada of U.S. warships if not tens of thousands of U.S. troops on Iranian soil, experts say.