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The price for a barrel of Brent crude oil, the international standard, fell 0.3% to $107.10. Benchmark U.S. crude slipped 0.3%.

The last time U.S. drivers were collectively paying this much at the pump was nearly four years ago, following Russia’s invasion of Ukraine.

So far in March, barely six vessels per day on average have traversed the strait. That compares with about 135 a day in normal times.

The EPA has approved a change regarding sensor requirements for diesel exhaust fluid systems in response to complaints from frustrated truck owners.

President Donald Trump on March 30 threatened widespread destruction of Iran’s energy resources if a deal to end the war with Tehran is not reached soon.

Iran is trying to set up a tolling system, seeking payments of as much as $2 million per voyage through the waterway.

Brent crude is on pace for a record monthly gain in March, as the war between the U.S., Israel and Iran has rocked the oil-rich Middle East.

Unlike earlier this week when Trump announced that talks with Iran were progressing, investors appear to be skeptical of the president's latest claim.

Treasury Secretary Scott Bessent said a U.S. insurance program meant to boost shipping through the Strait of Hormuz will begin soon.

Four of the six largest swings ever seen in international oil benchmark Brent futures have come since the war started at the end of February.