Iran News Updates

The jump in flows comes just as oil prices are soaring again after drone strikes shut down Saudi Arabia’s East-West pipeline.

The disruption threatens exports of 2.6 million to 4 million barrels daily, while Houthi gains along Red Sea routes boosted oil-supply concerns.

Costco's Kirkland Signature full-synthetic motor oil 5-quart two-pack now costs around $58, well above the approximately $30 it had been selling for just last year. 

Brent crude, the international standard, rose 2.7% to $107.46 per barrel. It was at roughly $72 a barrel before the start of the war in Iran in late February.

For businesses that rely on diesel, increased fuel costs are cutting revenue and forcing business owners to raise prices, as energy-driven inflation flows downstream.

Many U.S. farmers need diesel to power combines, tractors and other equipment to harvest two of the nation's largest commodities: soybeans and corn.

Veteran commodities strategist Jeff Currie also said U.S. diesel could reach $7 to $9 a gallon.

Conagra, Campbell’s and Clorox announced or signaled price increases as inflation, tariffs and higher input costs pressure margins.

The price for a barrel of Brent crude fell 3% to $104.42. Oil prices jumped earlier this week to their highest levels since May because of the war with Iran. 

The Labor Department said Sept. 11 that the consumer price index rose 3.4% last month compared with a year ago.