Oil falls below $100 as U.S.-Iran tensions persist

Summary

Oil fell below $100 a barrel, but fuel costs remained elevated as U.S.-Iran tensions clouded market outlook.

Why this matters

Oil and fuel prices affect shipping, air travel, and household costs, especially at the start of the summer travel season. Developments involving Iran and the Strait of Hormuz can quickly influence crude and refined fuel markets.

Oil prices fell below $100 a barrel even as clashes between the United States and Iran complicated talks between the two sides.

Brent crude traded below $100 a barrel after being at $103 on Friday. West Texas Intermediate also moved lower. Over the weekend, President Donald Trump signaled that a deal was largely negotiated.

After that, the U.S. carried out strikes in southern Iran. Iran then struck a U.S. drone and also targeted an unmanned F-35 jet. Those developments added uncertainty, but markets still pointed to optimism that some kind of deal could eventually be reached.

The Wall Street Journal reported that the U.S. Navy was quietly guiding ships out of the Strait of Hormuz. The ceasefire remained fragile, but stocks rose and oil prices eased, though they stayed above levels seen before the war began.

  • Port Royal seeks county support for port financing plan

    The 320-acre waterfront property on Battery Creek has been the focus of redevelopment efforts since the South Carolina State Ports Authority closed its terminal in 2004.

    Full story +

  • Emerald Isle records second sea turtle nest

    The nest was marked off while the eggs incubate on the beach.

    Full story +

  • Elizabeth City man charged in early morning shooting

    A suspect faces four counts of shooting into an occupied dwelling, and one count of assault with a deadly weapon with intent to kill.

    Full story +

  • China executes man convicted in Lin Qi poisoning

    Lin was hospitalized in December 2020 and died days later at age 39. Several others became sick but recovered.

    Full story +

  • Israeli strikes kill 31 in south Lebanon, army expands

    The ministry said 31 people, including at least four children and three women, were killed and 40 wounded.

    Full story +

  • Oil falls below $100 as U.S.-Iran tensions persist

    Gasoline prices were more than 40% higher than a year earlier, though they declined by about 5 to 6 cents a gallon over the past few days.

    Full story +

  • Appeals court faults Georgia Medicaid care policy

    The ruling could affect how Medicaid is administered in Georgia and elsewhere in the 11th Circuit, which includes Alabama and Florida.

    Full story +

  • DuckDuckGo reports rise in installs after Google AI shift

    “Google is force-feeding AI with no way to opt out,” DuckDuckGo CEO Gabriel Weinberg said Tuesday in a statement.

    Full story +

  • 1 killed, 2 survive U.S. boat strike in eastern Pacific

    Earlier this month, the White House said Trump approved a new U.S. counterterrorism strategy that made eliminating drug cartels in the Western Hemisphere the administration’s highest priority.

    Full story +

  • DARPA seeks battlefield medic robots for casualties

    DARPA said the robots would ideally be small enough to fit in an Individual First Aid Kit or light enough to deploy by drone swarm.

    Full story +