crude oil News Updates

Oil prices climbed, showing that caution still remains in financial markets. The price for a barrel of Brent crude oil rose 5.1% to $99.74. 

Fatih Birol warns of possible flight cancellations soon if oil supplies remain blocked by the Iran war.

The price for a barrel of Brent crude, the international standard, added 0.9% to $95.64. That’s still well above its roughly $70 price from before the war.

Trukker, a UAE-based business, experienced a 30% increase in its road shipments in March based on full truckloads.

National average diesel prices sat at $5.65 a gallon on April 13, more than 60 cents above their previous high-water mark for this time, set in 2022.

The price for a barrel of Brent crude oil, the international standard, fell 3.8% to $95.56. That’s still above its $70 level from before the war.

More than 80 energy facilities have been damaged during the hostilities, and a recovery could take as long as two years, Fatih Birol warns.

Brent crude, the international standard, rose back to $100.49 per barrel and is well above its roughly $70 price from before the war.

Output collapsed by 7.88 million barrels a day to 20.79 million a day in March, driven by losses in Iraq, Saudi Arabia, the United Arab Emirates and Kuwait.

Analysts say resumption of prewar levels by July “might introduce $15- to $20-a-barrel upside risk to prices.”