Iran News Updates

The price for a barrel of Brent crude, the international standard, fell 4.1% to $95.48 a barrel.

Widespread interference with signals on the industry’s Automatic Identification System continues to cloud the picture, making independent verification of ship traffic difficult.

The report had said maritime traffic through the Strait of Hormuz could return to normal within a month of a peace deal coming into effect.

The latest USDA food price outlook, published May 22, projected a 3.2% advance in grocery prices this year.

Federal Reserve Bank of Dallas President Lorie Logan said if the Strait of Hormuz doesn't reopen soon, consumption will need to fall.

Brent crude, the international standard, gained 4% to $97.14 a barrel after falling nearly $5 on international markets on May 25.

The Quad group is a key strategic partnership for cooperation on maritime security, supply chains and regional strategy as China expands its military and economic influence.

Brent crude, the international standard, rose 1% to $103.60 a barrel. Benchmark U.S. crude rose 0.4% to $96.68 per barrel after erasing an earlier modest dip.

Brent crude, the international standard, climbed 1.7% to $106.81 per barrel.

“This will entail costs, and it goes without saying that those who wish to benefit from this traffic must also pay their share,” Iran's Mohammad Amin-Nejad said.