Iran News Updates

Higher energy costs have a muted impact on employment now because states where oil production is concentrated can see job gains even as others record losses.

Brent crude traded 2.8% lower June 4 at $95.10 per barrel on hopes the U.S. and Iran will ultimately agree to reopen the Strait of Hormuz to oil tankers.

CEO John Furner said that low-income consumers are experiencing greater pressure on high gas prices. “That’s really the stress point, is the price of fuel,” he said.

With oil refiners skewing their output toward diesel and jet fuel, they inevitably produce less of other petroleum products, including gasoline.

Rather than announcing an open challenge against Iran, the U.S. is quietly coordinating with shippers willing to take a different approach.

Iran’s oil exports were sharply curtailed in May as a U.S. Navy blockade prevented any crude shipments, leaving about 80 million barrels stranded offshore, a nonprofit reported.

Under the OECD's prolonged disruption scenario, global growth slows from 3.4% last year to 2.1% this year and 1.8% in 2027, potentially pushing some economies into recession.

Following a two-week retreat, oil prices have climbed 10% this week. Brent crude oil, the international standard, climbed 2.1%  to $97.98 per barrel on June 3.

Brent crude, the international standard, slipped 0.1% to $94.96 a barrel. The levels are still well above the roughly $70 level they were at before the war.

Consultants and analysts gathered at OPEC’s Vienna headquarters for a technical meeting on June 1 warned that it will take many months to return to prewar operations.