crude oil News Updates

Brent crude, the international standard, slipped 0.1% to $94.96 a barrel. The levels are still well above the roughly $70 level they were at before the war.

Consultants and analysts gathered at OPEC’s Vienna headquarters for a technical meeting on June 1 warned that it will take many months to return to prewar operations.

Brent crude oil, the international standard, rose 6.4% to $96.97 per barrel. 

Oil companies are rushing to secure giant tankers to ensure they can transport barrels after the industry was upended by war and the largest vessel-buying spree in a generation, DHT's CEO says.

Twenty-nine of the 109 bigger vessels, which were stranded when the Strait of Hormuz was effectively shuttered after the conflict erupted on Feb. 28, have crossed the chokepoint.

Chevron would not consider paying a toll to move ships through the Strait of Hormuz, CEO Mike Wirth said.

Oil prices continue to swing and more data shows pressure building on the economy because of the war with Iran.

Asian buyers of liquefied petroleum gas were forced to scramble for more U.S. supplies after the Iran war led to the near-closure of the Strait of Hormuz.

The price for a barrel of Brent crude, the international standard, fell 4.1% to $95.48 a barrel.

Widespread interference with signals on the industry’s Automatic Identification System continues to cloud the picture, making independent verification of ship traffic difficult.