Iran News Updates

The International Air Transport Association released a report on June 7 saying it now expects airlines worldwide to earn a combined $23 billion in net profit in 2026, down from $45 billion in 2025.

Brent crude, the international standard, was up 1.3% to $94.31 after jumping $4.60 a barrel overnight.

There are currently 262 supertankers, each capable of hauling 2 million barrels of crude oil, on order at shipyards around the world.

The plan would have American allies deploy assets to the strait within days of a peace deal between the U.S. and Iran.

With the Strait of Hormuz largely closed by the Iran war and Middle East producers forced to cut output, the OPEC+ decision remains theoretical for the time being.

The spot rate for a 40-foot container to the U.S. West Coast from Asia was up 20%, to $3,933.

U.S. oil drilling has expanded for six straight weeks, the longest uptrend in almost four years, after the Iran war pushed crude prices higher. 

Brent crude, the international standard, gave up 2.2% to $92.97 per barrel. It was approximately $70 per barrel before the war began in late February.

Iran is insisting on a ceasefire in Lebanon before it will accept a deal with the U.S. that’s meant to reopen the Strait of Hormuz and extend their truce by two months.

Output from its 11 current members dropped by 1.22 million barrels to 16.33 million a day in May, with Iran accounting for more than half of the decline.