crude oil News Updates

Morgan Stanley says a closure into late June "is the regime in which Brent flat price has to do work it has so far been able to avoid,” referring to futures.

Aramco's East-West Pipeline across Saudi Arabia to the Red Sea is operating at its maximum capacity of 7 million barrels of oil a day.

Tehran has tightened its grip on the waterway, requiring shipowners to submit detailed information to its Persian Gulf Strait Authority.

Brent crude rose 1.8% to $101.80 per barrel after drifting between small gains and losses earlier in the morning.

The move has raised concerns about eroding the freedom of navigation on which global trade depends.

Iran’s grip on the Strait of Hormuz has jolted the world economy. Here is a look at the strait by the numbers.

The move comes as the administration has vowed to find ways to refill the Strategic Petroleum Reserve, which has seen additional declines during the Iran war.

Brent crude, the international standard, fell 3.8% to $97.38 per barrel.

Shell, which recently announced the acquisition of Canadian oil and gas producer ARC Resources, cut its quarterly share buyback and raised its dividend.

The Iran war has raised expenses by about $500 million a month, Maersk CEO Vincent Clerc said.