crude oil News Updates

Even after oil starts flowing again from the Middle East, it could take a while for consumers to see a difference at local fuel pumps, supermarkets and other places they shop.

Companies ferrying crude and gas around the world are still questioning what exactly a reopening could mean in practice. 

Brent crude oil, the international standard, fell 5.4% to $82.61 per barrel.

It will likely take months before energy companies can resume operations to the point of meeting the world’s demand, according to energy experts.

Brent crude oil fell 3.4% to 87.29 per barrel. That was still much higher than the roughly $70 a barrel level it was at before the war began in late February.

Yet for all the progress, there was little clarity as to what the text of the so-called memorandum of understanding will contain, with the warring sides giving conflicting descriptions.

Brent crude oil falls 3.5% to $89.89  a barrel early June 11. It was at around $70 a barrel before the start of the war in late February.

Trump compared his plans for Iran to how the U.S. assumed control of Venezuela’s oil sector after capturing then-president Nicolás Maduro in January.

Brent crude, the international standard, gained 2.7% to $93.89 per barrel. 

A total of 529 tankers transited the Suez Canal in April, 28% more than the year before. Broader traffic picked up too, with 1,182 vessels of all types making the journey — a 14% increase.