crude oil News Updates

U.S. oil drilling has expanded for six straight weeks, the longest uptrend in almost four years, after the Iran war pushed crude prices higher. 

Brent crude, the international standard, gave up 2.2% to $92.97 per barrel. It was approximately $70 per barrel before the war began in late February.

Iran is insisting on a ceasefire in Lebanon before it will accept a deal with the U.S. that’s meant to reopen the Strait of Hormuz and extend their truce by two months.

Output from its 11 current members dropped by 1.22 million barrels to 16.33 million a day in May, with Iran accounting for more than half of the decline.

Higher energy costs have a muted impact on employment now because states where oil production is concentrated can see job gains even as others record losses.

Brent crude traded 2.8% lower June 4 at $95.10 per barrel on hopes the U.S. and Iran will ultimately agree to reopen the Strait of Hormuz to oil tankers.

With oil refiners skewing their output toward diesel and jet fuel, they inevitably produce less of other petroleum products, including gasoline.

Rather than announcing an open challenge against Iran, the U.S. is quietly coordinating with shippers willing to take a different approach.

Iran’s oil exports were sharply curtailed in May as a U.S. Navy blockade prevented any crude shipments, leaving about 80 million barrels stranded offshore, a nonprofit reported.

Following a two-week retreat, oil prices have climbed 10% this week. Brent crude oil, the international standard, climbed 2.1%  to $97.98 per barrel on June 3.