The oil shock has shifted from crude supply to refining and shipping. JPMorgan says it no longer has a baseline view for oil markets, pointing to the Iran war, Ukrainian drone strikes on Russian refineries and Chinese demand. An attack on Saudi Arabia's East-West pipeline cut the main route around the blockaded Strait of Hormuz. Supertankers are scarce. Some long-haul crude trades now lose money.
Catch up
- Sep. 1 — U.S. forces bombed two Iranian rocket sites near the Strait of Hormuz, killing two; Iran answered with eight missiles at Jordan and Brent climbed.
- Sep. 3 — The U.S. hit about 100 Iranian targets; Iran counted at least 18 dead, including four at a wedding compound, and fired on American bases in four countries.
- Sep. 5-10 — The U.S. destroyed or disabled eight Iranian oil tankers over two rounds; Iran fired 20 missiles at a base in Jordan, 18 intercepted.
- Sep. 8 — Tehran said it would declare a restricted zone near Hormuz and doubled gasoline prices for its heaviest domestic users.
- Sep. 17 — U.S. gas prices climbed again and diesel hit a record; the national diesel average reached $6.29 a gallon on Sep. 14, per the EIA.
- Dozens of nations have capped, subsidized or cut fuel taxes, per the IEA, and are curbing demand with remote work and travel limits.
- The US has set no retail fuel price caps or subsidies.
- IMF officials: "[A] large share of measures described as temporary lack clear expiration dates or fiscal cost estimates."
- UpdateUnidentified projectile hits Iranian container ship off Hengam Island, killing 1 and wounding 4
20 earlier issues
- Trump Threatens to Bomb Iranian Bridges and Power Plants for Every Ship Hit in Strait of Hormuz
- Iran fires multiple ballistic missiles at U.S. base in Jordan; all are intercepted
- Iran denies Trump’s claim that new U.S. talks would start Monday
- Cargo ship is struck in the Strait of Hormuz
- Vance says the Iran talks are moving, then calls the war only half over
- Iran won't reopen Hormuz until the US unfreezes its assets and lifts the blockade
- Trump threatens to bomb Oman, the U.S. ally brokering the deal to reopen the Strait of Hormuz
- Trump declares an "economic D-Day" on Iran as Hormuz traffic runs 85% below normal
- UpdateU.S. goes nearly a month without large Iran strikes as Trump shifts back to sanctions; Hormuz remains closed
- U.S. destroys two Iranian rocket launchers loaded to mine the Strait of Hormuz; Iran fires eight missiles at bases in Jordan, all intercepted
- UpdateU.S. bombs two Iranian rocket sites near the Strait of Hormuz; Iran fires eight missiles at Jordan
- UpdateU.S. forces struck IRGC air-defense, radar, maritime and mine-laying sites on Iran's southern coast starting at noon on Sept. 1
- UpdateU.S. hits about 100 Iranian targets; Iran fires back at American bases in four countries, and a cruise missile kills 4 at a wedding
- Reuters weapons experts say a US munition made a direct hit on the Iranian wedding house that killed 5
- US destroys or disables 3 Iranian oil tankers after Iran fired ballistic missiles at a US carrier and destroyer
- UpdateIran says it hit an unmanned US vessel a day after the tanker strikes; Central Command calls the claim "a total lie"
- UpdateIran says it will declare a restricted zone near the Strait of Hormuz and will strike threats "even before" they are carried out
- Iran says it seized a US sea drone in Hormuz; CENTCOM says it malfunctioned a day earlier
- UpdateIran fires 20 missiles at a US base in Jordan; Jordan says it intercepted 18
- UpdateNavy plans to keep 2 carrier groups near Iran at least through 2026