Iran News Updates

Oil prices have been swinging wildly in recent months amid uncertainty about when the war with Iran will allow the flow of crude to be fully restored. Brent crude rose 1.9% to $99.88 a barrel.

Europe has moved more slowly than the U.S. to draw down emergency oil reserves in response to war-driven turmoil in global markets, leaving the region with significant supplies still available. 

The high gas prices took center stage in Ohio on Sept. 30, as lawmakers passed a 90-day state gas tax holiday with broad bipartisan support.

In a series of anonymous comments from a report released by the Federal Reserve Bank of Dallas, energy executives called out the wide swings in oil prices as the main source of their unease. 

Oil prices are now hovering between $90 and $100 per barrel as the U.S. war with Iran drags on, contributing to stubborn inflation. Brent crude rose 2.7% to $98.72  a barrel.

The U.S. will offer up to 40 million barrels from the Strategic Petroleum Reserve in what will be the last of the nation’s contribution to the coordinated release of oil from reserves around the world since the start of the Iran war.

The price for a barrel of Brent crude, the international standard, fell 1.8% to $96.10. It remains well above its level of roughly $72 a barrel before the war with Iran.

Oil storage sites outside Hormuz have become key as the vital energy chokepoint is disrupted by the conflict in the Middle East. 

Dyed diesel is sold without a motor fuels tax, and so is typically prohibited for vehicles on public roadways, confining its use to agricultural operations and other off-road purposes.  

The ATA For-Hire Truck Tonnage Index fell 0.5% from July to 112.7, down from 113.3. The index also declined 1.6% year over year.