Iran News Updates

Brent crude ticked down 0.4% to $110.24 a barrel. Diesel was going for $6.35 on Oct. 27, an increase of about 74% compared with this time last year.

Trump had pledged to lower gasoline prices to below $2 a gallon, but almost two years into his presidency the fuel’s retail cost has averaged $3.47 a gallon.

Brent crude rose 2.7% to $116.24  a barrel, and the national average for a gallon of regular gas rose 2 cents to $4.29 on Oct. 23, compared with $3.07 a year ago.

U.S. crude oil exports to Asia are set to hit multiyear lows after the Iran war pushed the cost to lease a tanker for the journey to a record of almost $80 million.

Brent crude gained 2.2% to $111.19 per barrel. It has been bouncing between $97 and $112 in recent days on uncertainty about when the war with Iran will allow the global energy industry to return to normal.

QatarEnergy signed a deal with Cheniere Energy to buy 4 million tons a year, the Middle East nation’s first such U.S. offtake deal as its own production has been throttled by the Iran war.

The move follows a flurry of attacks by Yemen’s Houthis on key Saudi infrastructure, including drone strikes that shut down its most important pipeline for several days in September.

In a phone call with Trump earlier this month, Putin agreed to relax diesel-export restrictions and send more fuel to the global market, including the U.S.

The price of Brent crude dipped 0.4% to $108.31 per barrel. A day earlier it rose to nearly $112, approaching its highest price since the war with Iran began in late February.

Brent crude gained 0.9% to $110.59 a barrel. Uncertainty about when the war with Iran will allow the energy industry to return to normal means oil prices are unlikely to ease any time soon.