Strait of Hormuz News Updates

President Trump said that while the U.S. would hold off on fresh attacks, it would maintain its blockade on the Strait of Hormuz. 

The price for a barrel of Brent crude oil, the international standard, rose 2.8% to $98.15.

Since the Iran war began at the end of February, crude oil and refined product supplies from the Persian Gulf have been slashed by 13 million barrels a day.

President Trump has pushed to expand oil production, saying that will help ease energy bills and match the growing demand for power by industries like AI.

The price for a barrel of Brent crude oil climbed 3.8% to $93.84 on worries that Iran could keep petroleum pent up in the Persian Gulf.

Fertilizer prices were dropping sharply April 17 after Iran said the Strait of Hormuz was open, bringing some much-needed relief to farmers.

A handful of oil tankers were racing toward the Strait of Hormuz on April 17 after Iran declared it open, even as industry groups urged caution.

Brent crude, the international standard, dropped 10.5% to $88.96 per barrel. Benchmark U.S. oil tumbled 10.8% to $81.38 per barrel.

U.S. President Donald Trump and Iran’s foreign minister said April 17 that the Strait of Hormuz is now fully open to commercial vessels.

Requests to store distillate fuel in tanks with a railroad connection soared to 250,000 barrels in March, up from 30,000 barrels in February and none in January.