Iran News Updates

The attacks on vessels controlled by Dynacom will unnerve the industry and underline just how perilous the crossing has become since the recent escalation of violence on both sides.

Fuels have spiked faster than crude since the U.S.-Iran war caused the oil market’s biggest supply disruption. The “real bottleneck” is in refining, Morgan Stanley said in a note. 

The maintenance shutdown could potentially exacerbate fuel market tightness in northeastern U.S. states that rely on the plant for gasoline and diesel imports.

The price for a barrel of Brent crude, the international standard, rose  3.9% to $87.48 per barrel. Oil prices are near their highest level in a month.

Average pump prices stood at $3.98 a gallon as of July 16, according to data from the American Automobile Association — up nearly 20 cents in just 10 days. 

The price for a barrel of Brent crude dips 0.7% to $84.34 and is near a one-month high.

The  “3-2-1 crack spread” rose as high as $70 a barrel on July 16, the highest level on record. 

U.S. gasoline, meanwhile, is again approaching the closely watched $4 mark at a time when summer demand typically peaks.

The U.S. launched more airstrikes on Iran on July 15, after President Donald Trump pledged to intensify the bombardment until Tehran stops attacking ships.

The latest extension of the Jones Act is due to expire next month as the renewed war in Iran raises the prospect of prolonged fuel supply disruptions.