Iran News Updates

The IMF expects the U.S. economy — the world's largest — to grow a solid 2.3% this year, up from 2.1% in 2025 and unchanged from the April forecast. 

The higher year-over-year spending has been driven mostly by pricier jet fuel rather than a significant increase in how much of it airlines consumed.

The U.S. Treasury Department revoked a waiver that allowed the sale of Iranian oil in response to attacks on tankers in the Strait of Hormuz.

BP boosted jet fuel production at its European refineries by about 30% during the Iran conflict, helping the region avoid major shortages while millions of barrels were locked up in the Persian Gulf.

Tehran, which has repeatedly declared that only its approved route through the strait is safe, is suspected of attacking other ships that have used another route close to the Omani shore.

A U.S. official estimates that oil supply through the Strait of Hormuz choke point has now reached more than 10 million barrels a day.

The risk tolerance of tanker companies and their crews is critical to returning the global oil market to normal and unlocking millions of barrels of supply.

U.S. exports of goods decreased 5.4%, led by declines across categories including outbound shipments of industrial supplies. Imports rose 3.6%.

A ship was hit by an unknown projectile in the Strait of Hormuz, just hours after several freighters turned around while attempting to cross the vital waterway.

President Donald Trump said he has ordered the Department of Justice to look into gasoline prices, complaining that they aren’t falling fast enough.