Energy prices
U.S. gas prices dip below $4 for first time in nearly three months
AAA’s national average for regular gasoline fell to $3.99 as crude prices eased and more ships moved through the Strait of Hormuz
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- Mideast diplomacy Israel-Hezbollah fighting clouds planned U.S.-Iran signing Trump says the agreement is not final, while Israeli strikes in Lebanon and confusion over the Strait of Hormuz are testing a framework due to be signed Friday
- U.S.-Iran framework U.S.-Iran Framework Eases Oil Fears, but Hormuz Reopening May Take Time Trump and Iranian officials pointed to an agreement set for signing Friday, while shipping data and unresolved security issues showed the path back to normal remains uncertain
- Diplomacy U.S. and Iran announce deal aimed at ending war, reopening Hormuz Trump and mediators say a signing is set for Friday, but the deal text has not been released and nuclear and sanctions questions remain for further talks
Energy security
Iran War Pushes Energy Importers to Look Inward
Countries reliant on imported fuel are giving greater priority to domestic energy as oil and natural gas markets grow more volatile
Energy shock
Hormuz closure halted trade after Iran war began, CNBC data shows
A CNBC visual guide says the February outbreak of the Iran war and the shutdown of the Strait of Hormuz helped trigger a severe global energy shock
U.S.-Iran talks
U.S. and Iran Edge Toward Deal, but War Risks Remain
Officials describe progress on a possible agreement to reopen the Strait of Hormuz and extend a ceasefire, while both sides caution that final terms are not settled
Middle East conflict
Trump rejects Iran counteroffer as Tehran vows not to ‘bow
The diplomatic setback keeps the Strait of Hormuz, nuclear demands and energy markets at the center of a widening standoff ahead of Trump’s summit with Xi Jinping
Markets
Oil slides, stocks climb on hopes for U.S.-Iran deal
Brent crude briefly fell to about $97 a barrel before recovering above $100 as traders reacted to reports of a possible agreement and Tehran’s pending response
U.S.-Iran talks
Trump warns Iran of heavier bombing if peace deal fails
Washington expects Tehran’s response on key points within 48 hours, according to a report, as talks focus on sanctions, nuclear enrichment and the Strait of Hormuz
UK fuel prices
Why UK petrol and diesel prices are rising again
Pump prices have been pushed up by volatile oil markets and disruption around the Strait of Hormuz, with the RAC warning further increases are likely if the conflict continues
Hormuz standoff
Iran warns U.S. over Hormuz ship plan as oil stays above $100
Trump says the U.S. will help guide stranded vessels out of the blocked strait, but Iran says passage must be coordinated with its armed forces
U.S.-Iran talks
Trump says he is ‘not satisfied’ with Iran’s new peace proposal
Pakistani officials said Iran sent an updated offer as Washington faces a war powers deadline and the Strait of Hormuz standoff keeps raising global shipping costs
Oil markets
UAE’s Opec exit tests the cartel’s grip on oil supply
The Gulf producer wants more room to pump after years of quota limits. The move may not drive prices during the Strait of Hormuz crisis, but it could reshape the market afterward
Oil markets
UAE quits OPEC, testing the oil cartel’s grip on supply
The Gulf producer says it is leaving OPEC and OPEC+ to focus on national interests, a move that could matter more after current Gulf disruptions ease
Economic fallout
Iran war’s economic hit may linger through 2026, economists say
Oil and gas prices have jumped since the conflict began, raising costs for drivers, travelers and households even if fighting eases soon
Strait of Hormuz
Tankers stack up outside Hormuz as U.S. blockade holds and Iran keeps waterway shut
CENTCOM reports no breaches of the U.S. blockade since April 13; traffic remains minimal with vessels queueing to UAE ports as talks and warnings escalate