Strait of Hormuz News Updates

Iran’s grip on the Strait of Hormuz has jolted the world economy. Here is a look at the strait by the numbers.

Brent crude, the international standard, fell 3.8% to $97.38 per barrel.

The Iran war has raised expenses by about $500 million a month, Maersk CEO Vincent Clerc said.

“Ultimately, it’s still going to come back to the primary issues of risk and safety," that shippers have to evaluate.

The price for a barrel of Brent crude oil, the international standard, sank 7.3% to $101.90, down from more than $115 early this week.

The shipments rose to 8.2 million barrels a day, according to data published May 6 from the U.S. Energy Information Administration.

Iranian media reported that shipowners need to send an email to an organization called the Persian Gulf Strait Authority if they want to send ships through the strait.

The price of a gallon of regular gasoline climbed 31 cents in the past week, spiking to an average of $4.48 per gallon on May 5, according to AAA.

U.S. gasoline inventories are on pace to drop to historical seasonal lows by late summer, further straining a tight fuel market upended by the war in Iran.

The price for a barrel of Brent crude, the international standard, fell 3.2% to $110.78.