oil prices News Updates

Labor Day traditionally portends a break for drivers. But this year, something unusual is happening: Prices are on the rise. 

Brent crude fell 0.2% to $95.37 a barrel. U.S. gasoline prices will be higher this Labor Day weekend than they have ever been at this time of year, according to AAA.

Because diesel is used for many freight and delivery networks, higher diesel prices mean higher transportation costs for a long list of everyday goods.

The renewed fighting has sent U.S. crude prices sharply higher this week, up 11%. Brent crude, the international standard, rose 1.1% to $96.72 per barrel.

The hostilities have underscored Iran’s continued ability to choke a crucial maritime artery. The Hormuz strait handled a fifth of oil and LNG flows before the war.

An anonymous White House official said the discussion touched on regulatory changes, faster permitting and additional investments. 

Brent crude, the international standard, fell 0.5% to $94.71 per barrel. It was trading at around $72 a barrel before the start of the war in late February.

Brent crude gained 4.6% to $94.65 a barrel on Sept. 1, as recurring violence in the Iran war after more than a month with no significant fighting heightened uncertainty over the future of the conflict.

Global diesel supplies have faced severe constraints since the U.S. and Israel first attacked Iran in late February.

ICE gasoil futures, the global diesel benchmark, climbed as much as 4.2% to their highest level since April 9.