crude oil News Updates

Vice President JD Vance downplayed concerns Iran could eventually impose tolls on traffic through the Strait of Hormuz.

The price for a barrel of Brent crude oil fell 2.3% to $74.23. It’s still above its roughly $70 price from before the war.

Fluctuations in gas prices remain across the country. In California, gas prices are averaging $5.64 per gallon, while in South Carolina it’s $3.58 per gallon.

Customers desperate for oil are draining so much of it from giant storage tanks in Oklahoma that producers are having trouble keeping up.

At the heart of the UAE’s plan is a major expansion of the eastern ports of Dibba, Fujairah and Khor Fakka, accompanied by a significant investment in new pipelines, rail and road networks.

Oil prices steadied as Brent crude, the international standard, rose  0.7% to $79.53 per barrel after falling more than 5% on June 16.

Iraq’s moves highlight preparations by major Middle Eastern producers to start returning their oil exports through the vital Hormuz waterway, which has been largely shut since the war started.

The U.S. agreement to immediately allow Iran to sell its oil freely represents a major concession that outstrips the terms of Iran’s 2015 nuclear deal with world powers.

Brent crude, the international standard, fell 5.1% to settle at $78.96,  down sharply from its $100-plus level of a few weeks ago.

European allies at the G7 summit in France disagree with President Trump's assertion that the Strait of Hormuz can reopen by June 19.