Iran News Updates

Yet for all the progress, there was little clarity as to what the text of the so-called memorandum of understanding will contain, with the warring sides giving conflicting descriptions.

Brent crude oil falls 3.5% to $89.89  a barrel early June 11. It was at around $70 a barrel before the start of the war in late February.

The Labor Department reported June 11 that its producer price index — which captures inflation before it reaches consumers — jumped 6.5% from May 2025. 

Trump compared his plans for Iran to how the U.S. assumed control of Venezuela’s oil sector after capturing then-president Nicolás Maduro in January.

Brent crude, the international standard, gained 2.7% to $93.89 per barrel. 

A total of 529 tankers transited the Suez Canal in April, 28% more than the year before. Broader traffic picked up too, with 1,182 vessels of all types making the journey — a 14% increase.

A separate report that combines inflation figures with wage data showed that real average hourly earnings fell 0.7%, the biggest drop in three-plus years.

Growing evidence of so-called dark transits suggests that more vessels are moving through the Strait of Hormuz than visible tracking data indicates.

Oil prices fell back from gains on June 8. The price for a barrel of Brent crude oil, the international standard, fell 4.4% to $90.13 per barrel.

The gap in goods and services trade shrank 1.2% in April from the prior month to $55.9 billion, Commerce Department data showed June 9.