Iran News Updates

Brent crude, the international standard, fell 5.2% to $105.45 per barrel. But gasoline rose 3 cents overnight to $4.56 a gallon, according to AAA. 

The decline of 17.8 million barrels brings crude inventories to the lowest levels in nearly a year, according to data from EIA.

U.N. economists said global GDP growth is now forecast at 2.5% for 2026, down from 2.7% in January, and it could fall to only 2.1% “in a more adverse scenario.”

Officials are considering language that gradually restores the taxes on gasoline and diesel, potentially over more than a year, to avoid shortages.

Brent crude, the international standard, fell 1% to $111.02 a barrel.

Brent crude, the international standard, rose 1.4% to $110.80per barrel.

The decision underscores the pressure President Donald Trump faces to rein in higher fuel costs and address a global supply crunch caused by the Iran war.

At least 19 oil- and liquefied petroleum gas-carrying ships without Iranian links have both entered and exited Hormuz since March 1. 

The expiration effectively ends a brief period where the administration eased sanctions on some Russian oil, enabling purchases that would otherwise be barred.

China shares the goal of reopening the Strait of Hormuz with the U.S., though there was no sign of a breakthrough between the superpowers on how to achieve that.