Iran News Updates

The Trump administration is authorizing the sale of sanctioned oil tankers in an effort to allow the vessels to start legitimately shipping crude.

Brent crude, the international standard, fell 0.4% to $109.38 per barrel. It remains near its highest level since May. 

Brent oil hit $110 a barrel for the first time since May as prospects for imminent supply relief dwindle, prompting traders to ramp up bets on higher prices ahead of the weekend.

The trucking industry is navigating major fuel cost pressures heading into the holiday shipping season, but the severity remains uneven.

Brent crude fell 0.6% to $105.26 per barrel. Oil prices continued to stay elevated as global oil supply remains under pressure without a deal between the U.S. and Iran to end the Iran war.

Brent crude declined 1.2% to $104.78 per barrel. Tensions and uncertainties surrounding global oil supply and the situation in the Middle East dragged on. 

A cargo ship sank in the Strait of Hormuz after a strike that sparked a fire and the evacuation of crew members, the Maritime and Port Authority of Singapore said.

The waiver, however, applies only to older engines. EPA warned that the fuel can damage newer trucks equipped with modern emissions systems.

Abu Dhabi raised total oil production, including condensates, by 400,000 barrels a day to 5.3 million, the IEA said in a monthly report. 

Brent crude gained 0.1% to $105.77 a barrel. Gas prices averaged $4.33 per gallon on Oct. 14, according to AAA, up slightly from a month ago.