Iran News Updates

Brent crude oil, the international standard, rose 6.4% to $96.97 per barrel. 

Oil companies are rushing to secure giant tankers to ensure they can transport barrels after the industry was upended by war and the largest vessel-buying spree in a generation, DHT's CEO says.

Shipowners are increasingly optimistic about a pickup in traffic through the Strait of Hormuz after more vessels left the waterway this week.

Congress returns to Capitol Hill on June 1 after the Memorial Day recess to re-engage in midterm election politics driven by partisan affordability messages.

Brent crude, the international standard, fell 2.1% to $90.78 a barrel. 

Twenty-nine of the 109 bigger vessels, which were stranded when the Strait of Hormuz was effectively shuttered after the conflict erupted on Feb. 28, have crossed the chokepoint.

Chevron would not consider paying a toll to move ships through the Strait of Hormuz, CEO Mike Wirth said.

The shortfall in goods trade shrank 3.4% from the prior month to $82.4 billion, Commerce Department data showed May 29.

Oil prices continue to swing and more data shows pressure building on the economy because of the war with Iran.

Asian buyers of liquefied petroleum gas were forced to scramble for more U.S. supplies after the Iran war led to the near-closure of the Strait of Hormuz.