crude oil News Updates

The risk of a return to all-out war appeared to be rising on July 8, with Trump warning that the U.S. would probably launch further strikes on Iran.

The price of Brent crude oil jumped 8% to $80.09 a barrel.

The higher year-over-year spending has been driven mostly by pricier jet fuel rather than a significant increase in how much of it airlines consumed.

The U.S. Treasury Department revoked a waiver that allowed the sale of Iranian oil in response to attacks on tankers in the Strait of Hormuz.

BP boosted jet fuel production at its European refineries by about 30% during the Iran conflict, helping the region avoid major shortages while millions of barrels were locked up in the Persian Gulf.

Shell’s trading update offers a first glimpse into how Big Oil fared in a quarter when crude prices hit their highest since the invasion of Ukraine in 2022.

Tehran, which has repeatedly declared that only its approved route through the strait is safe, is suspected of attacking other ships that have used another route close to the Omani shore.

A U.S. official estimates that oil supply through the Strait of Hormuz choke point has now reached more than 10 million barrels a day.

The risk tolerance of tanker companies and their crews is critical to returning the global oil market to normal and unlocking millions of barrels of supply.

The naval arm of the Revolutionary Guard said the new route was established “without notice or coordination with the Islamic Republic of Iran,” calling it “unacceptable and completely dangerous.”