Oil Prices

Treasury's new diesel license runs 180 days with no tonnage, price or loading cutoff. How much fuel actually moves is decided by Russia's own export ban and by refineries Ukraine keeps hitting.

The fall switch to winter gasoline shaves real cost off every gallon. This year, it is being swamped by crude oil near $90 a barrel and a record September at the pump.

Salty, tidal-looking, and bigger than Germany, the Caspian fails the classic sea test on a technicality. Five countries spent 20 years fighting over what to call it instead.

War risk premiums for Hormuz tankers have jumped 40-fold since February, so Washington is now backstopping up to $40 billion in oil and LNG shipping insurance itself.

Crude has round-tripped much of its wartime spike as Gulf shipping resumes, but the weekend's strikes show how fragile the relief is.

Brent crude fell to $75.79 on Wednesday, its lowest since the eve of the Iran war, as the Strait of Hormuz reopened and Iranian barrels flowed back to market.

A confirmed truce between Washington and Tehran sent Asia-Pacific shares to records and knocked oil lower, handing central banks a sliver of relief days before the Fed decides on rates.