Iran News Updates

Surging crude prices are dragging on U.S. futures after President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz.

 The nation’s oil producers look to reduce dependence on the United States during an ongoing trade war.

But U.S. must lift its naval blockade of Iranian ports, waive sanctions on Iranian oil sales and observe a ceasefire that would include Lebanon.

Oil prices declined Sept. 25 as investors look for signs of the reopening of the Strait of Hormuz. Brent crude dropped 1.6% to $98.63 per barrel.

Energy experts have said export curbs could yield temporary price discounts on diesel initially, but those short-term price reductions would likely fade swiftly.

Though largely symbolic, the vote was viewed as an opportunity for vulnerable Republicans to distance themselves from the war ahead of the midterm elections.

As war in Iran, Russia and Ukraine squeezes diesel supply, the Trump administration is mulling ways to tame prices ahead of the November midterm elections.

Brent crude gained 2.2% to $100.29 a barrel. The cost for a gallon of regular gasoline in the U.S. ticked higher to an average of $4.48.

Officials and industry leaders warned export restrictions could provide brief relief but risk higher fuel costs, reduced refinery output and broader economic fallout.

Although regular gas prices usually get more attention, diesel has swiftly become a hot issue on the campaign trail.