Iran News Updates

Brent to be delivered in July, which is where more of the trading is happening in the oil market, rose 3% to $102.08 per barrel.

The longer the strait stays closed, the more consumption is going to have to recalibrate lower to align with supply that has dropped at least 10%.

A series of cargoes of military-grade fuel that is due to sail from the U.S. across the Pacific illustrates how far the Iran war has disrupted the oil supply chain.

The price for a barrel of Brent crude to be delivered in June swung between $103 and $107 in the morning and most recently was up 0.3% at $105.38.

While passage through the waterway usually comes at a flat rate via reservations, companies without reservations can cross by paying an additional fee.

The Trump administration has given a 90-day extension to a shipping waiver making it easier to move oil, fuel and fertilizer around the U.S. 

The trade route from the West Coast to Australia is rarely used, but it has become a way for the continent to address fuel shortages since the Iran war began.

Executives have been quietly warning that the massive disruption to energy supplies caused by the war could last months — even after the fighting stops.

The price for a barrel of Brent crude, the international standard, rose 1.8% to $103.76 after bouncing between roughly $101 and $106 overnight. 

Europe is heavily reliant on imports of jet fuel, having lost its main source of external supply due to the closure of the Strait of Hormuz.