Iran News Updates

A near-perfect storm of factors has coalesced to raise prices, threatening a winter of higher heating bills and inflationary shocks.

The price for a barrel of Brent crude rose 0.1% to $91 a barrel. It gained 2.7% on Aug. 17.

The deal would likely reopen the strait with ships entering through a route close to Iran and exiting through a route close to Oman. Ships would transit without paying fees or tolls during an interim period.

The price for a barrel of Brent crude rose 2.4% to $90.62 on Aug. 17 in what counts as a relatively modest move compared with its jagged recent swings.

Talks have focused on reopening the Strait of Hormuz and lifting a U.S. blockade on Iran, both of which were supposed to have happened under the interim deal. There has been no sign of any compromise on the strait.

Vessels carrying non-Iranian crude started turning off their transponders to avoid detection in the weeks following the start of the conflict in late February.

Brent crude, the international standard, rises 0.4% to $87.46. The average price of gas rose again overnight to $4.08, according to motor club AAA.

Oil prices eased on Aug. 13, helping to limit worries about inflation. The price for a barrel of Brent crude oil fell 2.5% to $86.75.

Drivers are paying an average of $4 a gallon for gasoline and $5.40 a gallon for diesel in the second week of August for the first time.

The price of a barrel of Brent crude fell 0.1% to $88.84. U.S. gasoline prices edged 2 cents higher overnight to a national average of $4.04 per gallon, according to AAA.