Iran News Updates

Brent crude was trading down 3.6% to $77.70 per barrel. It was at roughly $70 a barrel before the start of the war in late February.

The U.S. Treasury Department issued a license allowing Iran to sell some of its energy exports through Aug. 21. It opens the door for eventually ending many sanctions programs.

The scale of the damage remains unknown after the blast. Qatar's Interior Ministry said 13 people were killed.

Vice President JD Vance downplayed concerns Iran could eventually impose tolls on traffic through the Strait of Hormuz.

The price for a barrel of Brent crude oil fell 2.3% to $74.23. It’s still above its roughly $70 price from before the war.

Fluctuations in gas prices remain across the country. In California, gas prices are averaging $5.64 per gallon, while in South Carolina it’s $3.58 per gallon.

At the heart of the UAE’s plan is a major expansion of the eastern ports of Dibba, Fujairah and Khor Fakka, accompanied by a significant investment in new pipelines, rail and road networks.

Oil prices steadied as Brent crude, the international standard, rose  0.7% to $79.53 per barrel after falling more than 5% on June 16.

Iraq’s moves highlight preparations by major Middle Eastern producers to start returning their oil exports through the vital Hormuz waterway, which has been largely shut since the war started.

The U.S. agreement to immediately allow Iran to sell its oil freely represents a major concession that outstrips the terms of Iran’s 2015 nuclear deal with world powers.