oil prices News Updates

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

The increase in the gauge — which tracks grains, sugar, meat, dairy and vegetable oil costs — marks the third consecutive month of gains. 

The move has raised concerns about eroding the freedom of navigation on which global trade depends.

Iran’s grip on the Strait of Hormuz has jolted the world economy. Here is a look at the strait by the numbers.

The move comes as the administration has vowed to find ways to refill the Strategic Petroleum Reserve, which has seen additional declines during the Iran war.

Brent crude, the international standard, fell 3.8% to $97.38 per barrel.

Shell, which recently announced the acquisition of Canadian oil and gas producer ARC Resources, cut its quarterly share buyback and raised its dividend.

The Iran war has raised expenses by about $500 million a month, Maersk CEO Vincent Clerc said.

The price for a barrel of Brent crude oil, the international standard, sank 7.3% to $101.90, down from more than $115 early this week.

The shipments rose to 8.2 million barrels a day, according to data published May 6 from the U.S. Energy Information Administration.