Iran News Updates

Security risks in the waterway escalated on April 22 after Iranian gunboats opened fire on commercial ships, while the U.S. blocked two of Tehran’s oil tankers.

The price for a barrel of Brent crude oil, the international standard, added 1.7% to $100.16 on uncertainty about when the war with Iran could let up.

“It’s a bit naive to say that, after this has ended, that things will go back to pre-war situations,” said Jotaro Tamura, president and CEO of Mitsui.

Iran has sought to charge some vessels for safe passage through the waterway since the Middle East war began.

President Trump said that while the U.S. would hold off on fresh attacks, it would maintain its blockade on the Strait of Hormuz. 

The price for a barrel of Brent crude oil, the international standard, rose 2.8% to $98.15.

Texas oil pipelines are running above designed capacity in some cases amid rampant overseas demand for U.S. crude to replace cargoes stranded by the Iran war.

Since the Iran war began at the end of February, crude oil and refined product supplies from the Persian Gulf have been slashed by 13 million barrels a day.

Consumers fail to recognize the impact of crises until a single event — such as a major plant closure — triggers “broader uproar,” DHL CEO Tobias Meyer said.

President Trump has pushed to expand oil production, saying that will help ease energy bills and match the growing demand for power by industries like AI.