Iran News Updates

Gas prices “have likely peaked” and are certain to decline once there’s a “resolution” to the war with Iran, Chris Wright said on CNN.

The price for a barrel of Brent crude oil climbed 3.8% to $93.84 on worries that Iran could keep petroleum pent up in the Persian Gulf.

Fertilizer prices were dropping sharply April 17 after Iran said the Strait of Hormuz was open, bringing some much-needed relief to farmers.

A handful of oil tankers were racing toward the Strait of Hormuz on April 17 after Iran declared it open, even as industry groups urged caution.

Brent crude, the international standard, dropped 10.5% to $88.96 per barrel. Benchmark U.S. oil tumbled 10.8% to $81.38 per barrel.

U.S. President Donald Trump and Iran’s foreign minister said April 17 that the Strait of Hormuz is now fully open to commercial vessels.

Requests to store distillate fuel in tanks with a railroad connection soared to 250,000 barrels in March, up from 30,000 barrels in February and none in January.

Ships are facing 3½-day delays to enter the Panama Canal as the Iran war sparks a traffic surge, prompting a vessel to pay an extra $4 million to jump the line.

Oil prices climbed, showing that caution still remains in financial markets. The price for a barrel of Brent crude oil rose 5.1% to $99.74. 

The DAT report found spot van rates increased 11 cents sequentially to $2.52 per mile, while reefer rose 9 cents to $2.97 per mile.