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A handful of oil tankers were racing toward the Strait of Hormuz on April 17 after Iran declared it open, even as industry groups urged caution.

U.S. oil cargoes transiting the Panama Canal are close to a four-year high as Asian refiners rush to import American crude in lieu of Mideast supplies.

The companies get a new day in federal court after a state jury ordered Chevron to pay upward of $740 million to clean up damage to the state’s coastline.

U.S. President Donald Trump and Iran’s foreign minister said April 17 that the Strait of Hormuz is now fully open to commercial vessels.

Requests to store distillate fuel in tanks with a railroad connection soared to 250,000 barrels in March, up from 30,000 barrels in February and none in January.

Brent crude, the international standard, dropped 10.5% to $88.96 per barrel. Benchmark U.S. oil tumbled 10.8% to $81.38 per barrel.

Ships are facing 3½-day delays to enter the Panama Canal as the Iran war sparks a traffic surge, prompting a vessel to pay an extra $4 million to jump the line.

The DAT report found spot van rates increased 11 cents sequentially to $2.52 per mile, while reefer rose 9 cents to $2.97 per mile. 

Gasoline prices have climbed during the Iran conflict, drawing political scrutiny in a midterm election year and intensifying calls for clarity on policy.

Transportation Secretary Sean Duffy revealed April 13 that officials from PHMSA visited the pipeline site to oversee safety operations.