Iran News Updates

Most truck stops don't stock red diesel, and  it's uncertain whether federal tax obligations will be waived or merely postponed. 

“It’s killing the whole nation,” said Missouri farmer Marty Richardson, who is reluctant to harvest his rain-drenched corn fields as his machines will chew up more diesel in the mud and he can’t afford to waste a drop.

The conflict has led to widespread damage to oil pipelines, refineries, gas plants and dozens of tankers, racking up a bill for new investment that’s already in the tens of billions of dollars.

Brent crude fell 2.3% to $97.97. Analysts say upward pressures on oil prices have eased as larger volumes of oil have been crossing the Strait of Hormuz.

Fuel that is usually used for off-road purposes is exempt from the federal excise tax of 24 cents a gallon. 

Brent crude falls 0.4% to $101.83 a barrel. Oil prices have been yo-yoing lately amid uncertainty about how the war with Iran will reshape the global oil industry.

Consumption of crude is still rising and countries will require even more supply for at least the next two years while rebuilding their inventories, Amin Nasser said.

The OPEC+ subgroup — Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman — will meet again on Nov. 1 to review conditions in the oil market.

 Brent crude, the international standard, lost 2% to $100.24 a barrel.

The release, being coordinated by the International Energy Agency, will take place over the next four months, French President Emmanuel Macron said.