crude oil News Updates

Growing evidence of so-called dark transits suggests that more vessels are moving through the Strait of Hormuz than visible tracking data indicates.

Oil prices fell back from gains on June 8. The price for a barrel of Brent crude oil, the international standard, fell 4.4% to $90.13 per barrel.

The gap in goods and services trade shrank 1.2% in April from the prior month to $55.9 billion, Commerce Department data showed June 9.

From July 1, Gordon Birrell will be executive vice president of upstream, while Richard Harding will take on the same role — in an interim basis — for downstream.

The International Air Transport Association released a report on June 7 saying it now expects airlines worldwide to earn a combined $23 billion in net profit in 2026, down from $45 billion in 2025.

Brent crude, the international standard, was up 1.3% to $94.31 after jumping $4.60 a barrel overnight.

There are currently 262 supertankers, each capable of hauling 2 million barrels of crude oil, on order at shipyards around the world.

The plan would have American allies deploy assets to the strait within days of a peace deal between the U.S. and Iran.

With the Strait of Hormuz largely closed by the Iran war and Middle East producers forced to cut output, the OPEC+ decision remains theoretical for the time being.

The spot rate for a 40-foot container to the U.S. West Coast from Asia was up 20%, to $3,933.