Strait of Hormuz News Updates

But U.S. domestic inventories are quickly depleting, and America’s oil producers are struggling to keep up. 

MSC plans a new service linking Europe with isolated Middle East ports, using trucking across Saudi Arabia and smaller vessels in the Persian Gulf.

The commitment from the seven countries to raise production by 188,000 barrels a day comes after a virtual meeting they held April 3.

Brent crude, the international standard, fell 2% to $108.14 and trimmed its gain for the week to roughly 9%.

In the most actively traded part of the market for Brent crude, for delivery in July, the price fell 0.4% to $110.03.

ACT Research reported that sales increased 10.2% to 24,900 units from 22,600 the prior year. Sales were also 9.8% above the 22,700 units in February.

Oil surged to the highest since June 2022, with no end in sight to the U.S.-Iran conflict or choked-off energy flows through the Strait of Hormuz.

The oil industry is wrangling over who should be liable for contracted shipments that weren’t delivered as a result of the Iran war. 

The meeting, described by a White House official, included representatives of Chevron as well as trading houses Trafigura Group, Vitol Group and Mercuria Energy Group.

President Donald Trump told Axios he will not lift a naval blockade of Iran’s ports until he secures a deal with Tehran to address the country’s nuclear program.