crude oil News Updates

Brent crude, the international standard, was down 0.2% to $73.70 a barrel. The U.S. and Iran continue to negotiate a possible end to their war.

Markets are weakening across Europe and Asia as buyers find themselves inundated with offers for cargo.

Brent crude fell 3.4% to $74.21 a barrel. Trump said that gas prices are not matching the decline in oil prices, so he has told the Justice Department “to immediately start looking into this.”

Weekly fertilizer exports through Hormuz have climbed back from near zero for most of the war to almost 530,000 tons in the week ended June 21, Kpler data shows.

The national average retail price declined to $4.98 a gallon on June 24, still well above the $3.76 a gallon recorded on the eve of the U.S.-Iran war.

Brent crude, the international standard, lost 1.3% to $72.87 a barrel, closer to its roughly $70 price from before the war.

Iran has been seeking to assert control over Hormuz since it reached an interim peace deal with the U.S. earlier this month.

Questions surrounding control of the vital Strait of Hormuz and whether vessels will be charged tolls to cross it could interfere with negotiations to forge a lasting peace.

Brent crude was trading down 3.6% to $77.70 per barrel. It was at roughly $70 a barrel before the start of the war in late February.

The U.S. Treasury Department issued a license allowing Iran to sell some of its energy exports through Aug. 21. It opens the door for eventually ending many sanctions programs.