oil prices News Updates

Brent crude, the international standard, gained 0.7% to $110.05 per barrel.

China shares the goal of reopening the Strait of Hormuz with the U.S., though there was no sign of a breakthrough between the superpowers on how to achieve that.

Brent crude, the international standard, rose 3.3% to settle at $109.26 per barrel.

Brent crude, the international standard, fell 0.1% to $105.54 per barrel.

Flows of crude oil and fuels through the Strait of Hormuz fell by nearly 6 million barrels per day in Q1, the start of a seismic energy shock.

A broad group of industrial lubricants known as base oils, which are used to make motor oil, are in very short supply with no signs of easing on the horizon.

The price for a barrel of Brent crude slipped 0.9% to $106.84.

Energy prices climbed 7.8% from March to April and 22.7% from a year earlier. Gasoline soared 15.6% from March and diesel jumped 12.6%.

Speaker Mike Johnson called suspending the federal gas tax “an intriguing idea” but didn’t commit to a timeline as momentum builds to take action.

Brent crude, the international standard, climbed 3.3% to $107.66 a barrel.