Iran News Updates

Maersk will temporarily halt its FM1 Service, which connects the Far East to the Middle East, and its ME11 Service, which links the Middle East to Europe, according to a notice to customers on March 6.

A review of shipping signals have confirmed only two commercial transits in the past 24 hours, the Joint Maritime Information Center said in a note on March 6.

Diesel prices rocketed in the immediate aftermath of the joint U.S.-Israel attacks on Iran, and the military escalation that followed set in motion a wave of geopolitical uncertainty.

The Trump administration is weighing a range of options for addressing the spike in oil and gasoline prices amid the war in Iran, Interior Secretary Doug Burgum said.

The U.S. oil futures rally took another move higher, sending prices to their highest in about 20 months as investors price in a prolonged war in the Middle East that could upend crude flows.

Investors are worried over how long the war with Iran could last, how high inflation may go because of more expensive oil and how much damage that might do to corporate profits.

Airlines and other large fuel buyers have been loading up on oil derivatives contracts in recent days to keep their bills from spiraling as the U.S.-Iran war pushes prices to multiyear highs.

With ships unable or unwilling to transit the Strait of Hormuz, producers cannot export, supertanker costs are skyrocketing and storage at many Persian Gulf refineries is filling up fast. 

President Donald Trump said the U.S. would provide insurance guarantees and naval escorts to ensure safe passage for oil tankers and other vessels through the Strait of Hormuz.

“Spain has absolutely nothing that we need other than great people,” President Trump said. “They have great people, but they don’t have great leadership.”