oil prices News Updates

The price of a gallon of regular gasoline climbed 31 cents in the past week, spiking to an average of $4.48 per gallon on May 5, according to AAA.

The price for a barrel of Brent crude, the international standard, fell 3.2% to $110.78.

The price of a barrel of Brent crude, the international standard, climbed 5.7% to $114.28.

But U.S. domestic inventories are quickly depleting, and America’s oil producers are struggling to keep up. 

The commitment from the seven countries to raise production by 188,000 barrels a day comes after a virtual meeting they held April 3.

Brent crude, the international standard, fell 2% to $108.14 and trimmed its gain for the week to roughly 9%.

In the most actively traded part of the market for Brent crude, for delivery in July, the price fell 0.4% to $110.03.

Oil surged to the highest since June 2022, with no end in sight to the U.S.-Iran conflict or choked-off energy flows through the Strait of Hormuz.

The oil industry is wrangling over who should be liable for contracted shipments that weren’t delivered as a result of the Iran war. 

The meeting, described by a White House official, included representatives of Chevron as well as trading houses Trafigura Group, Vitol Group and Mercuria Energy Group.