Iran News Updates

Brent crude, the international standard, fell 5.1% to settle at $78.96,  down sharply from its $100-plus level of a few weeks ago.

The index rose 1.9% in May after a similar advance in April. From a year ago, it increased 6.7%, marking the fastest pace in almost four years.

European allies at the G7 summit in France disagree with President Trump's assertion that the Strait of Hormuz can reopen by June 19.

Even after oil starts flowing again from the Middle East, it could take a while for consumers to see a difference at local fuel pumps, supermarkets and other places they shop.

Companies ferrying crude and gas around the world are still questioning what exactly a reopening could mean in practice. 

The Strategic Petroleum Reserve, created after the Arab oil embargo of the early 1970s, has dropped to a near-record low of roughly 340 million barrels, according to Energy Department data. 

Brent crude oil, the international standard, fell 5.4% to $82.61 per barrel.

Even once there is more clarity on the resumption of trade through the waterway, market watchers expect movement of fertilizer to be gradual as hundreds of vessels stranded in the region compete for access.

It will likely take months before energy companies can resume operations to the point of meeting the world’s demand, according to energy experts.

Brent crude oil fell 3.4% to 87.29 per barrel. That was still much higher than the roughly $70 a barrel level it was at before the war began in late February.