Crude Oil

Thamires Lima, a research professor at Drexel University, studies viscous liquids like polypropylene and crude oil using extensional rheology. Her research reveals that some fluids can fracture instead of just flow when stretched between metal plates.

Renewed tensions in the war with Iran caused gas prices to jump 5 cents overnight, reaching a national average of $3.88 per gallon. Delays in oil tanker traffic through the Strait of Hormuz and a declared end to the ceasefire by President Trump contributed to the surge, though crude oil prices remain stable around $70 per barrel. Tennessee drivers currently experience lower gas prices at $3.50 per gallon compared to the national average.

Mexico’s state oil company informed U.S. regulators that its oil reserves will last nine more years. The company reported five fields are depleting, with total reserves slightly increased due to rising gas reserves despite a 2.6% decline in crude oil.

The potential collapse of a US-Iran ceasefire has increased anxiety over rising fuel prices as oil prices hit a multi-week high following attacks on commercial ships and military sites. Tanker traffic through the Strait of Hormuz has halted, amplifying geopolitical risk, while gasoline prices edged higher amid concerns over disrupted oil flows.

Pemex is importing more petroleum products than it exports for the first time in 36 years, with imports at 507,227 barrels per day versus exports of 431,801 barrels. The company recorded a $1.6 billion monthly spending gap on fuel imports compared to oil sales revenue, and its crude oil exports have declined 35% year-to-date. Production of crude oil hit a decades-low of 1.36 million barrels per day in May, exacerbating financial losses.

Americans are traveling in record numbers for the 4th of July despite high gas prices. The national average for regular gasoline has decreased from a June peak above $4.56 per gallon as crude oil prices dropped following the end of the Iran conflict.

Palm oil prices dipped due to weaker crude oil markets and a less optimistic production outlook in Malaysia. Workers at the Bukit Senorang Palm Oil Mill, owned by United Malacca Bhd., are sorting palm fruit in Pahang, Malaysia.

Nayara Energy reduced petrol prices by ₹5 per litre and diesel by ₹3 per litre as global crude oil prices declined. The price cut followed eased hostilities in West Asia and the reopening of a key maritime route, which restored the flow of crude oil and liquefied natural gas, alleviating supply disruption concerns.

Iran has exported 50 million barrels of crude oil since the US lifted its naval blockade on Iranian energy exports. TankerTrackers.com reported this figure, noting an average of 1.66 million barrels per day in June 2026, following a 60-day authorization from the US Treasury effective through 21 August.

Trading in two ETFs indicates inflation fears may be overblown, though crude oil impacted potential gains for bond bears.

China's crude oil imports are expected to decrease further in June. This follows a reported decline in imports, as highlighted by a recent unloading activity at a terminal port in Qingdao, Shandong province.

Palm oil prices fell by the largest margin in a month as crude oil prices erased gains attributed to the war. The decline in palm oil follows a significant drop in crude oil markets.

The U.S.-Iran interim peace agreement has reopened the Strait of Hormuz, causing crude oil prices to fall by four percent to $74 a barrel. President Trump claimed the war is proceeding well with Iran making concessions, though Iran's Foreign Ministry denies this. Gas prices remain steady at $3.93 a gallon, up 32% since the war began. Trump later met with NATO Secretary-General Mark Rutte, emphasizing the alliance's importance and Iran's nuclear restrictions.

Oil prices fell 4% to $74 a barrel as the U.S.-Iran interim peace agreement reopened the Strait of Hormuz, reducing global oil prices by 40% from wartime peaks. President Trump claimed Iran made concessions, including accepting UN nuclear inspectors, though Iran denied this. Gas prices in the U.S. remain at $3.93 per gallon, up 32% since the war began.

Oil prices fell below $70 a barrel for the first time since early March as President Trump ordered the DOJ to investigate companies for not reducing gas prices faster. The president accused companies of 'gouging' consumers.

Goldman Sachs has reduced its fourth-quarter crude oil price forecast to $80, indicating a lower expectation for crude prices in the final quarter of the year.

A flood of oil is set to impact energy markets with millions of barrels of crude oil poised for release in the short term. The situation unfolds despite a fragile U.S.-Iran cease-fire and concerns about an uneven recovery.

The US government is suspending sanctions on Iran's production, delivery, and sale of crude oil, petrochemical products, and petroleum products until 21 August 2026. The Treasury Department's waiver also permits US imports of Iranian-origin petrochemical and petroleum products for domestic use.

European shares declined from record highs and oil prices fell as an Israel-Hezbollah ceasefire stabilized the region. British shoppers increased spending, and crude oil lost gains from the Iran conflict, benefiting Brazil's new monetary easing cycle.

US gas prices have dropped below $4 for the first time since March, with the lowest price in the Charlotte area at $3.15 per gallon. This decline is attributed to falling crude oil costs, which are a primary component of gasoline pricing.

Three Saudi Arabian supertankers carrying six million barrels of crude oil passed through the Strait of Hormuz following a US-Iran ceasefire deal, marking the largest departure through the strait in weeks according to Reuters' analysis of shipping data.

Three Iranian tankers carrying nearly five million barrels of crude oil have exited the U.S. Navy blockade. Shipowners are observing the situation in Hormuz with 'wary disbelief'.

The Navy discovered a hidden storage site and recovered 17,000 litres of crude oil. The naval spokesperson noted that criminals are using increasingly sophisticated methods to conceal their oil theft operations.

Crude oil prices are falling as markets react to news of a U.S.-Iran agreement on reopening the Strait of Hormuz. President Trump stated the two nations have agreed on a framework for this deal.

SpaceX's IPO has triggered a $1.4 billion trading frenzy on Hyperliquid, with SPCX perp becoming HIP-3’s largest market. Stock-linked HIP-3 markets have generated over $18.8 billion in volume this month, surpassing combined crude oil and Brent perps trading.

India's total crude oil imports increased by 8% in May, driven by a 21% rise in Russian oil imports. Refiners in India boosted their purchases, contributing to the growth in Russian oil imports.

As of June 11, 2026, Brent crude oil reached $95.15 per barrel by 9 a.m. Eastern Time, down 88 cents from the previous day and $24 higher than a year earlier. Oil prices are influenced by supply and demand dynamics, with declines in crude prices often leading to slower reductions in gas pump prices. The U.S. Strategic Petroleum Reserve serves as an emergency buffer for energy security.

US President Donald Trump stated that over 100 million barrels of crude oil have passed through the Strait of Hormuz as part of a secret US mission to support oil tankers. He also noted that more than 200 commercial ships have safely traveled through the strait.

U.S. stock futures rose as chip stocks recovered from a selloff, while crude oil prices fell due to Trump's comments on the Iran deal.

Nigeria’s merchandise trade reached N34.8 trillion in Q1 2026, with exports exceeding imports, resulting in a N7.5 trillion trade surplus driven by robust crude oil sales.

Japan's stocks are expected to decline due to a tech sector selloff and rising concerns over escalating tensions in the Middle East, which are impacting energy supplies. Crude oil prices increased as these factors tested the resilience of a recent equity rally that had driven stocks to record levels.

Iran did not export any crude oil past the US blockade in May, according to UANI. US Marines boarded an Iranian-flagged oil tanker in May, as reported by the US Marine Corps.

Asian stocks pulled back from a record high as escalating Middle East tensions raised energy supply concerns, while crude oil prices rose. The AI-driven equity rally remains under test amid these developments.

Jamaica is considering oil drilling after hydrocarbon discoveries in seabed tests, which could reduce its annual fuel import costs of $1.5-2bn. The move raises questions about reconciling fossil fuel production with the country's green energy commitments.

Piper Sandler predicts the prolonged closure of the Strait of Hormuz could drive crude oil prices to record highs this summer. The analysis highlights potential geopolitical tensions impacting global oil markets.

Two LNG tankers and another crude oil vessel passed through the strategically important Strait of Hormuz on Saturday. The Strait of Hormuz, a critical global shipping lane, remains a focal point for energy exports.

Wildlife officials rescued oil-covered birds after a pipeline rupture in East Los Angeles caused crude oil to spill into the L.A. River on May 22, 2026. The incident resulted in environmental contamination affecting local wildlife.

Los Angeles County Public Health officials issued new guidance to East Los Angeles residents after a ruptured pipeline spilled 2,400 gallons of crude oil onto a major street and into storm drains. The incident occurred near Cesar Chavez and Eastern avenues, prompting a cleanup operation as the leak was contained.

Phoenix has launched 24/7 on-chain trading for Gold and Crude Oil perpetual futures, offering up to 19.6x leverage and real-time charts. This move brings traditional commodity markets fully on-chain. The service is currently in private beta.

Gas costs have increased by 50% due to the rise in crude oil prices after the Iran war. The main ingredient in gasoline cost is the price of a barrel of crude oil. This increase has significant implications for consumers and the economy.