crude oil News Updates

Crude shipments for April are already inching toward about 4.9 million barrels a day based on current loadings, up from 3.97 million barrels a day in March.

Brent crude oil, the international standard, fell 0.5% to $95.47 on April 10.

Benchmark U.S. crude was 6.8% higher on April 9 at $100.79 a barrel. Brent crude, the international standard, rose 3.7% to $98.24 per barrel.

Just seven ships, all with a prior link to Iran, were observed making the voyage out of the Persian Gulf. Normal transits in both directions are more like 135 a day.

The price for a barrel of benchmark U.S. crude oil plunged 15.6% to $95.32. Brent crude, the international standard, tumbled 13% to $95.12 per barrel

While shipowners and insurers lined up to welcome the ceasefire, they also warned that more details will be needed to determine if safe transit is possible.

Exxon, which also said first-quarter earnings from its energy-products division would be lower, is among the first of the supermajors to disclose the war’s impact.

The price for a barrel of benchmark U.S. crude climbed 3.9% to $116.83. Brent crude, the international standard, added 0.7% to $110.55.

The 68% surge in crude prices since the Iran war began roughly five weeks ago is incentive enough to compel American oil executives to ramp up output.

Constraints in infrastructure and supply are likely to keep U.S. oil flows well below headline capacity figures often cited at around 10 million barrels a day.