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The Federal Open Market Committee voted 11-1 to hold the benchmark federal funds rate in a range of 3.5% to 3.75%. Governor Stephen Miran dissented.

Tehran warned of imminent retaliation against refining, petrochemical and natural gas assets in the region after its own giant South Pars gas field was struck.

The Iran war has rattled the global flow of oil, with steeper fuel costs already straining households worldwide.

The president on March 18 authorized foreign-flagged vessels to transport a range of commodities between U.S. ports for the next 60 days.

Iran has threatened it won't allow “even a single liter of oil” destined for the U.S., Israel and their allies to pass through Strait of Hormuz.

The moves include issuing more individual licenses allowing foreign companies to work in Venezuela without violating U.S. sanctions.

“We’re resetting the meeting,” Trump said March 17 at the White House during a sit-down with the Irish prime minister. “[China was] fine with it.” 

The spike in oil and gas prices presents already-divided Federal Reserve officials with a worst-case scenario as they conclude a key meeting March 18.

ATA President Chris Spear outlined for TMC attendees the breakneck pace at which challenges are confronting the carriers that comprise ATA's membership base.

Iran’s attacks on vessels and the threat of mines have cut traffic in the vital waterway to a trickle, effectively putting Tehran in charge of the flow.