crude oil News Updates

The price for a barrel of Brent crude oil, the international standard, rose 2.8% to $98.15.

Texas oil pipelines are running above designed capacity in some cases amid rampant overseas demand for U.S. crude to replace cargoes stranded by the Iran war.

Since the Iran war began at the end of February, crude oil and refined product supplies from the Persian Gulf have been slashed by 13 million barrels a day.

Consumers fail to recognize the impact of crises until a single event — such as a major plant closure — triggers “broader uproar,” DHL CEO Tobias Meyer said.

President Trump has pushed to expand oil production, saying that will help ease energy bills and match the growing demand for power by industries like AI.

California and Arizona boast some of the country’s highest gasoline and diesel prices, owing in part to a loss of West Coast refining capacity.

The price for a barrel of Brent crude oil climbed 3.8% to $93.84 on worries that Iran could keep petroleum pent up in the Persian Gulf.

U.S. oil cargoes transiting the Panama Canal are close to a four-year high as Asian refiners rush to import American crude in lieu of Mideast supplies.

Brent crude, the international standard, dropped 10.5% to $88.96 per barrel. Benchmark U.S. oil tumbled 10.8% to $81.38 per barrel.

U.S. President Donald Trump and Iran’s foreign minister said April 17 that the Strait of Hormuz is now fully open to commercial vessels.