Strait of Hormuz News Updates

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.

The Dubai-based firm plans to grow its truck fleet by about 40% and add new land routes to diversify supply chains linking Europe, the U.S. and Asia to the Persian Gulf.

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.

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. 

Higher diesel prices mean more expensive transportation for a long list of everyday goods. 

Higher futures prices for diesel, seen as the workhorse of the global economy, typically ripple through to the pump and stoke inflation.

The price of Brent crude, the international standard, jumped 4% to $105.26 a barrel, after rising 4.3% on Sept. 9.

Freight analysis from data intelligence firm Kpler suggests daily earnings for VLCCs will stay above $100,000 a day into next year, more than double historical levels.