oil prices News Updates

“It’s a bit naive to say that, after this has ended, that things will go back to pre-war situations,” said Jotaro Tamura, president and CEO of Mitsui.

Iran has sought to charge some vessels for safe passage through the waterway since the Middle East war began.

The price for a barrel of Brent crude oil, the international standard, rose 2.8% to $98.15.

Texas oil pipelines are running above designed capacity in some cases amid rampant overseas demand for U.S. crude to replace cargoes stranded by the Iran war.

Since the Iran war began at the end of February, crude oil and refined product supplies from the Persian Gulf have been slashed by 13 million barrels a day.

Gas prices “have likely peaked” and are certain to decline once there’s a “resolution” to the war with Iran, Chris Wright said on CNN.

The price for a barrel of Brent crude oil climbed 3.8% to $93.84 on worries that Iran could keep petroleum pent up in the Persian Gulf.

Brent crude, the international standard, dropped 10.5% to $88.96 per barrel. Benchmark U.S. oil tumbled 10.8% to $81.38 per barrel.

U.S. President Donald Trump and Iran’s foreign minister said April 17 that the Strait of Hormuz is now fully open to commercial vessels.

Requests to store distillate fuel in tanks with a railroad connection soared to 250,000 barrels in March, up from 30,000 barrels in February and none in January.