Iran News Updates

President Donald Trump told Axios he will not lift a naval blockade of Iran’s ports until he secures a deal with Tehran to address the country’s nuclear program.

Brent for delivery in July, which is where more of the trading is happening in the oil market, rose 5.3% to $109.92.

Tehran could be using retired ships to keep loading oil. The U.S. blockade means tankers carrying Iranian oil remain stuck in the Persian Gulf or the Gulf of Oman. 

U.S. crude exports surged to a record above 6 million barrels a day as the Iran war sends overseas buyers hunting for replacements to Middle Eastern oil.

A Japan-linked oil tanker completed a rare transit of the Strait of Hormuz, as the effective closure of the waterway enters its third month.

The extended closure of the Strait of Hormuz and extreme weather have jolted farm commodities prices to a two-year high.

There were three confirmed hijackings in the past week alone, with pirates boarding two cargo vessels and a tanker, according to the U.K. Maritime Trade Operations.

Supply chain disruptions stemming from the Iran war are starting to create choke points across Japan, including the network of companies surrounding Toyota.

Brent crude to be delivered in July, which is where more of the trading is happening in the oil market, rose 2.7% to $104.40 on April 28.

BP, long the laggard among oil supermajors, is emerging as the sector’s top stock during the Iran war as it reaps “exceptional” trading profits.