Iran News Updates

In the period between the two U.S. naval blockades, Tehran was able to ship at least 2.2 million barrels a day, a very high level by recent standards. 

President Donald Trump says the United States is “reinstating” a blockade on Iran in the Strait of Hormuz and will charge ships for safe passage.

The price of Brent crude, the international standard, was up 3.9% to $78.95 per barrel. Fighting has kept oil tankers from using the strait to deliver crude to customers worldwide.

Abu Dhabi found workarounds for the Iran war and was free to pump more barrels after leaving the producer group.

The price for a barrel of Brent crude oil, the international standard, 0.9% to $75.58. That’s above the $72 it was at the start of the week.

Observable movements in the world’s most vital energy conduit largely occurred along an Iran-approved route near the waterway’s north, while the U.S.-supported Omani corridor was quiet.

Oil prices rose to their highest point in weeks after President Donald Trump declared the U.S. ceasefire with Iran over, responding to Iranian attacks on commercial ships in the Strait of Hormuz.

Unprecedented overseas demand for U.S. diesel, propane and other fuels is straining commercial reserves from the Gulf Coast to the Eastern Seaboard.

The risk of a return to all-out war appeared to be rising on July 8, with Trump warning that the U.S. would probably launch further strikes on Iran.

The price of Brent crude oil jumped 8% to $80.09 a barrel.