Strait of Hormuz News Updates

Freight costs for very large crude carriers have surged. That’s creating a drag on export economics even as dock and pipeline capacities remain available.

The price for a barrel of benchmark U.S. crude rose 0.3% to $111.88 after erasing an earlier modest dip. Brent crude added 0.2% to $109.26 per barrel.

Key producers led by Saudi Arabia and Russia agreed to increase targets for May by about 206,000 barrels a day.

The strait saw 21 ships transit over the weekend as more governments negotiate to extract vessels, strengthening Tehran’s grip on the waterway.

Diesel prices are climbing, ocean vessels are rerouting and U.S. trucking rates are responding as war in Iran ripples through energy and freight markets.

The announcement marks the first significant details revealed publicly about the reinsurance program since the project’s formation almost a month ago.

Benchmark U.S. crude rose 11.4% to $111.54 a barrel. The price of Brent crude, the international standard, jumped 7.8% to $109.03 per barrel.

The average on-highway price of diesel in California was $7.219 a gallon on March 30, a 44.7% increase compared with $4.99 a gallon on March 2.

The price of Brent crude, the international standard, jumped 6.5% to $107.72. per barrel. Benchmark U.S. crude rose 11.3% to $111.44 per barrel.

Britain accused Iran on April 2 of holding the world's economy hostage as diplomats from more than 40 countries held talks.