Iran News Updates

According to estimates compiled by Bloomberg and double-checked with diesel traders, the Iran war has removed more diesel supply from the market than the Russia-Ukraine conflict.

The price for a barrel of Brent crude, the international standard, got to nearly $110 early this week. Early Sept. 18 it was down 0.3% to $104.07 a barrel.

Energy prices are soaring as the war in Ukraine and the conflict in the Middle East sap economic growth.

Brent crude traded 2.3% lower to $103.38 a barrel Sept. 17. Saudi Arabia’s closure of a key oil pipeline also adds to oil supply pressure as it moves to repair the pipeline.

Skyrocketing diesel prices are jolting the trucking industry amid a global energy crisis that also threatens freight movement.

Brent crude fell 3.1% to $105.39. a barrel, but is still far above the $70 per barrel before the U.S. and Israel attacked Iran in late February.

State-run Saudi Aramco is working to bypass a damaged section on the route that will allow it to resume part of the pipeline’s capacity, Bloomberg reported.

Saudi Arabia closed the East-West pipeline, making American oil supplies even more critical, with record shipping costs doing little to deter buyers in Asia.

The global oil market is focused on the fallout from the halt of the East-West pipeline, which was the primary link that helped Saudi Arabia to circumvent the turmoil in Hormuz.

Brent crude gained 2.3% to $108.12 a barrel. Prices for Brent and U.S. benchmark crude are up more than 50% since the Iran conflict began in late February.