oil prices News Updates

Heather Long, chief economist at Navy Federal Credit Union, wrote, “For the first time in three years, inflation is eating up all wage gains."

Some gauges are at their highest since the 2020-23 period, when economies locked down because of COVID, shortages emerged and shipping snarls persisted. 

That shortfall in supply is being met by companies and governments dipping into storage, with stockpiles running dangerously low, Saudi Aramco CEO Amin Nasser said.

Brent crude, the international standard, gained 3.5% to $104.88 per barrel.

The total for repeatedly escorting commercial shipping in and out of the Gulf would add billions to the price of the conflict.

Even if movement is restored, “the vase has been broken. You can’t glue it back together,” chief Fatih Birol said.

Morgan Stanley says a closure into late June "is the regime in which Brent flat price has to do work it has so far been able to avoid,” referring to futures.

Aramco's East-West Pipeline across Saudi Arabia to the Red Sea is operating at its maximum capacity of 7 million barrels of oil a day.

Tehran has tightened its grip on the waterway, requiring shipowners to submit detailed information to its Persian Gulf Strait Authority.

Brent crude rose 1.8% to $101.80 per barrel after drifting between small gains and losses earlier in the morning.