crude oil News Updates

Freight costs for very large crude carriers have surged. That’s creating a drag on export economics even as dock and pipeline capacities remain available.

The price for a barrel of benchmark U.S. crude rose 0.3% to $111.88 after erasing an earlier modest dip. Brent crude added 0.2% to $109.26 per barrel.

Key producers led by Saudi Arabia and Russia agreed to increase targets for May by about 206,000 barrels a day.

The strait saw 21 ships transit over the weekend as more governments negotiate to extract vessels, strengthening Tehran’s grip on the waterway.

The announcement marks the first significant details revealed publicly about the reinsurance program since the project’s formation almost a month ago.

Benchmark U.S. crude rose 11.4% to $111.54 a barrel. The price of Brent crude, the international standard, jumped 7.8% to $109.03 per barrel.

The price of Brent crude, the international standard, jumped 6.5% to $107.72. per barrel. Benchmark U.S. crude rose 11.3% to $111.44 per barrel.

Experts say differences in price aren’t typically decided by any individual gas retailer, and most of them aren't pocketing the extra pennies when prices rise.

Soaring fuel prices from the Iran war are forcing oil traders into longer, stranger journeys, sending cargoes on routes that would normally make little sense.