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A unit of Hong Kong’s CK Hutchison said that Maersk had undermined a contract over operations of ports at either end of the Panama Canal.

The price for a barrel of benchmark U.S. crude oil plunged 15.6% to $95.32. Brent crude, the international standard, tumbled 13% to $95.12 per barrel

“President Trump, he loves to see big deals happen,” Transportation Secretary Sean Duffy said during an interview on CNBC April 7. 

The deal would settle a 2022 lawsuit that accused the company of withholding repair software and conspiring with dealers to force farmers to use their services.

Under the proposal, motor carrier safety operations and programs would be funded at $398 million, while motor carrier safety grants would total $548 million.

Two companion bills intended to deter cargo theft by imposing higher criminal penalties are moving through the Michigan Legislature.

The 68% surge in crude prices since the Iran war began roughly five weeks ago is incentive enough to compel American oil executives to ramp up output.

Constraints in infrastructure and supply are likely to keep U.S. oil flows well below headline capacity figures often cited at around 10 million barrels a day.

The price for a barrel of benchmark U.S. crude climbed 3.9% to $116.83. Brent crude, the international standard, added 0.7% to $110.55.