crude oil News Updates

Iran has threatened it won't allow “even a single liter of oil” destined for the U.S., Israel and their allies to pass through Strait of Hormuz.

The moves include issuing more individual licenses allowing foreign companies to work in Venezuela without violating U.S. sanctions.

Iran’s attacks on vessels and the threat of mines have cut traffic in the vital waterway to a trickle, effectively putting Tehran in charge of the flow.

The nationwide average retail price reached $5.044 a gallon on March 16, according to AAA, up by more than a third since the Iran conflict began. 

While rates are high, they signal that coverage is available for the few vessels still moving through the waterway. The question is whether shipowners are willing to make the transit.

Fears of a global energy crisis rose March 16 as the war in the Middle East raged on, with more U.S.-Israeli strikes on the Iranian capital and Israel's bombardment of Lebanon.

President Donald Trump on March 14 called on other countries to send warships to keep the strait open, saying he hopes China, France, Japan, South Korea and the U.K. would take part.

Brent crude traded near $100 a barrel following one of the most volatile weeks ever for the oil market, with investors bracing for more upheaval as Iran pledged to keep the Strait of Hormuz shut.

Oil drillers in California have resorted to the costly alternative of trucking crude barrels 50 miles after the closure of a refinery and idling of a key pipeline cut off outlets for their products.

Prices of fuels like diesel and jet fuel are surging as refineries in the region reduce production or shut completely, while fuel makers elsewhere balk at high crude prices.