Iran News Updates

The agency's report on Oct. 14 said that global oil demand is predicted to drop 2.5 million barrels a day year-over-year in the fourth quarter and fall 2.6 million barrels a day on average this year.

The Institute for the Study of War said Iran appears to be targeting commercial vessels conducting ship-to-ship oil transfers in and near the Strait of Hormuz.

Brent crude oil, the international standard, fell 0.7% to $105.91 a barrel. That is still higher than the roughly $72 per barrel in late February before the Iran war.

Brent crude oil declined 0.4% to $103.89 a barrel. The drop in oil prices comes after stocks felt pressure on Oct. 8 from a 4.1% rise in the price for a barrel of Brent to more than $104.

The journey costs about $80 million, compared with $74 million for a standard SpaceX Falcon 9 launch, shipbroker Gibson said this week. 

Brent crude, the international standard, jumped 5.3% to $105.54 per barrel early. Several explosions were heard in the Saudi capital on Oct. 8.

Farmers already have access to the fuel and many have wrapped up harvest. Truckers will struggle to navigate differing state rules.

It now costs $77 million to hire a very large crude carrier to move U.S. oil to Asia. The average in 2025 was $9.2 million.

The price for a barrel of Brent crude oil, the international standard, rose 1.5% to $102.10. That’s about $55 more than a barrel cost at this time last year.

The energy giant flagged a $42-a-barrel refining margin for the third quarter, up from $24 in the second quarter and far exceeding the previous high in 2022.