crude oil News Updates

Oil prices are now hovering between $90 and $100 per barrel as the U.S. war with Iran drags on, contributing to stubborn inflation. Brent crude rose 2.7% to $98.72  a barrel.

The U.S. will offer up to 40 million barrels from the Strategic Petroleum Reserve in what will be the last of the nation’s contribution to the coordinated release of oil from reserves around the world since the start of the Iran war.

The Conference Board said Sept. 29 that its consumer confidence index tumbled 6.7 points to 81.9 in September, down from 88.6 in August. 

The price for a barrel of Brent crude, the international standard, fell 1.8% to $96.10. It remains well above its level of roughly $72 a barrel before the war with Iran.

Oil storage sites outside Hormuz have become key as the vital energy chokepoint is disrupted by the conflict in the Middle East. 

Surging crude prices are dragging on U.S. futures after President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz.

 The nation’s oil producers look to reduce dependence on the United States during an ongoing trade war.

But U.S. must lift its naval blockade of Iranian ports, waive sanctions on Iranian oil sales and observe a ceasefire that would include Lebanon.

Oil prices declined Sept. 25 as investors look for signs of the reopening of the Strait of Hormuz. Brent crude dropped 1.6% to $98.63 per barrel.

Energy experts have said export curbs could yield temporary price discounts on diesel initially, but those short-term price reductions would likely fade swiftly.