crude oil News Updates

A series of cargoes of military-grade fuel that is due to sail from the U.S. across the Pacific illustrates how far the Iran war has disrupted the oil supply chain.

The price for a barrel of Brent crude to be delivered in June swung between $103 and $107 in the morning and most recently was up 0.3% at $105.38.

The Trump administration has given a 90-day extension to a shipping waiver making it easier to move oil, fuel and fertilizer around the U.S. 

Executives have been quietly warning that the massive disruption to energy supplies caused by the war could last months — even after the fighting stops.

The price for a barrel of Brent crude, the international standard, rose 1.8% to $103.76 after bouncing between roughly $101 and $106 overnight. 

Europe is heavily reliant on imports of jet fuel, having lost its main source of external supply due to the closure of the Strait of Hormuz.

Security risks in the waterway escalated on April 22 after Iranian gunboats opened fire on commercial ships, while the U.S. blocked two of Tehran’s oil tankers.

The price for a barrel of Brent crude oil, the international standard, added 1.7% to $100.16 on uncertainty about when the war with Iran could let up.

“It’s a bit naive to say that, after this has ended, that things will go back to pre-war situations,” said Jotaro Tamura, president and CEO of Mitsui.

Iran has sought to charge some vessels for safe passage through the waterway since the Middle East war began.