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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. 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.

The action follows a federal audit of New York’s commercial driver licensing program that identified widespread violations of federal requirements.

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

Oil prices climbed, showing that caution still remains in financial markets. The price for a barrel of Brent crude oil rose 5.1% to $99.74. 

Fatih Birol warns of possible flight cancellations soon if oil supplies remain blocked by the Iran war.

The world’s largest EV battery maker is pushing for its removal from a Pentagon list of companies tied to China’s military that’s cast a pall over its U.S. prospects.

The U.S. and Iran are considering a two-week ceasefire extension to allow more time to negotiate a peace deal, according to a person familiar with the matter.