Trending Now - Oil Supply Risks Persist Despite Potential Strait of Hormuz Reopening

WHO:

[16:07 EDT] - CBS News - Henning Gloystein, managing director of energy, industry and resources at Eurasia Group, stated that shipping companies would take at least two months to resume operations if the war is suspended.

[16:07 EDT] - CBS News - President Trump stated that Iran is negotiating "we think in good faith" over a possible ceasefire.

[16:07 EDT] - CBS News - Henning Gloystein, managing director of energy, industry and resources at Eurasia Group.

[16:07 EDT] - CBS News - President Trump.

WHAT:

[16:07 EDT] - Bloomberg Markets - More than 9 million barrels a day of oil production from key Middle Eastern countries are expected to be shut in during April 2026, according to estimates from the US government.

[16:07 EDT] - CBS News - The United Nations Security Council did not adopt a draft resolution seeking to reopen the Strait of Hormuz to commercial shipping.

[16:07 EDT] - CBS News - Gas prices in the U.S. could near a record high later in April 2026 if the Strait of Hormuz remains sealed, according to energy industry experts.

[16:07 EDT] - Bloomberg Markets - Iraq has informed Asian traders and refiners that they can load its crude oil as vessels carrying the country’s oil are now able to transit the Strait of Hormuz due to an Iranian exemption.

[16:07 EDT] - CNBC - The price of jet fuel in the U.S. has nearly doubled, going from $2.50 a gallon on February 27th, 2026, to $4.88 a gallon on April 2nd, 2026.

[16:07 EDT] - CNBC - United Airlines CEO Scott Kirby stated that the airline is preparing for oil to stay above $100 a barrel through 2027 and is pruning some of its flights in the near term.

[16:07 EDT] - CBS News - The average price of gasoline in the U.S. rose to $4.12 a gallon on April 6th, 2026, marking the highest price since 2022.

[16:07 EDT] - CBS News - Oil prices swung from a modest dip to gains on April 6th, 2026, with the price for a barrel of benchmark U.S. crude rising 1.3% to $113.09.

[16:07 EDT] - CBS News - Oil prices for Brent crude rose 1.2% to $110.37 per barrel on April 6th, 2026, remaining above its price of roughly $70 before the war.

[16:07 EDT] - CBS News - The average price of gasoline in the U.S. reached $4.12 a gallon on April 6th, 2026, marking the highest price since 2022, according to data from AAA.

[16:07 EDT] - Bloomberg Markets - Iraq has informed Asian traders and refiners that they can load its crude oil as vessels are now able to transit the Strait of Hormuz due to an Iranian exemption.

[16:07 EDT] - CBS News - The Strait of Hormuz remains virtually closed to oil tankers and other ship traffic.

[16:07 EDT] - CBS News - Ship transits through the Strait of Hormuz dropped from approximately 130 per day in February 2026 to six in March 2026.

[16:07 EDT] - CBS News - There are currently at least 70 large empty crude oil tankers anchored off the eastern coast of Singapore and Malaysia, collectively capable of holding at least 100 million barrels of crude oil.

[16:07 EDT] - CBS News - The price for a barrel of benchmark U.S. crude rose 1.3% to $113.09 on April 6th, 2026.

[16:07 EDT] - CBS News - The average price of gasoline in the U.S. rose to $4.12 a gallon on April 6th, 2026, up from $2.98 before the outbreak of hostilities.

WHERE:

[16:07 EDT] - CBS News - The Strait of Hormuz.

[16:07 EDT] - CBS News - Eastern coast of Singapore and Malaysia.

WHEN:

[16:07 EDT] - CBS News - The report regarding President Trump's comments was made on April 6th, 2026.

[16:07 EDT] - CBS News - The analysis and report were released on April 6th, 2026.

[16:07 EDT] - CBS News - The drop in ship transits occurred from February 2026 to March 2026.

[16:07 EDT] - CBS News - The average price of gasoline was reported on April 6th, 2026.

WHY:

[16:07 EDT] - CNBC - The effective closure of the Strait of Hormuz is choking off supplies of both crude and refined products like jet fuel, further driving up the price.

[16:07 EDT] - CBS News - The Iran war will continue to disrupt global oil supplies even if a ceasefire leads to a swift reopening of the Strait of Hormuz, according to a new analysis.

[16:07 EDT] - Bloomberg Markets - The exemption granted by Iran is testing buyers' confidence in the security guarantee for oil shipments through the Strait of Hormuz.

[16:07 EDT] - CBS News - The Iran war is disrupting global oil supplies, even if a ceasefire leads to the reopening of the Strait of Hormuz.

HOW:

[16:07 EDT] - CNBC - Carsten Spohr, CEO of Germany's Deutsche Lufthansa, mentioned that the carrier is assigning teams to come up with contingency plans due to the war in the Middle East, including for drops in demand or a lack of jet fuel.

[16:07 EDT] - CBS News - Henning Gloystein noted that "oil markets will remain undersupplied, even with some increase in shipping through the Strait of Hormuz," reflecting tightness in key fuel prices.

[16:07 EDT] - CBS News - Henning Gloystein stated that "oil markets will remain undersupplied, even with some increase in shipping through the Strait of Hormuz," reflecting tightness in key fuel prices.

[16:07 EDT] - CBS News - Henning Gloystein noted that oil markets will remain undersupplied in the short term, even with some increase in shipping through the Strait of Hormuz.

[16:07 EDT] - CBS News - It would take several months to repair oil refineries and other energy infrastructure in the Persian Gulf that have been damaged in the conflict.

[16:07 EDT] - CBS News - Shipping companies would take at least two months to resume operations if the war is suspended.

[16:07 EDT] - CBS News - The voyage from Singapore to the Gulf region takes about four weeks, meaning tankers could begin delivering Middle Eastern crude to Asia roughly eight weeks after departing their current anchorage.

(UPDATED April 7, 2026 19:18 UTC)

More than 9 million barrels a day of oil production from key Middle Eastern countries are expected to be shut in during April, according to estimates from the US government. The United Nations Security Council did not adopt a draft resolution seeking to reopen the Strait of Hormuz to commercial shipping, which could lead to gas prices in the U.S. nearing a record high later this month if the strait remains sealed, according to energy industry experts. As the situation develops, the impact on global oil markets and consumers will be closely monitored.

(UPDATED April 7, 2026 17:19 UTC)

Iraq has notified Asian traders and refiners that they can now load its crude oil, as vessels are able to transit the Strait of Hormuz thanks to an exemption from Iran. Meanwhile, the price of jet fuel in the U.S. has surged from $2.50 a gallon February 27th to $4.88 a gallon on Thursday, prompting United Airlines CEO Scott Kirby to prepare for oil prices to remain above $100 a barrel through 2027. In response to the ongoing conflict in the Middle East, Deutsche Lufthansa's CEO Carsten Spohr revealed that the airline is developing contingency plans to address potential drops in demand or shortages of jet fuel.

(UPDATED April 7, 2026 07:18 UTC)

The average price of gasoline in the U.S. rose to $4.12 a gallon on Monday, marking the highest price since 2022, while oil prices saw a modest dip before gaining, with benchmark U.S. crude rising 1.3% to $113.09. Henning Gloystein, managing director of energy, industry and resources at Eurasia Group, stated that shipping companies would take at least two months to resume operations if the war is suspended, highlighting ongoing disruptions. Gloystein also emphasized that oil markets will remain undersupplied, even with some increase in shipping through the Strait of Hormuz, due to the continuing impact of the Iran war on global oil supplies.

(UPDATED April 7, 2026 03:52 UTC)

Oil prices for Brent crude rose by 1.2% to $110.37 per barrel on Monday, staying significantly above the pre-war price of around $70. The average price of gasoline in the U.S. also climbed to $4.12 a gallon on the same day, marking the highest level since 2022, according to AAA data. Henning Gloystein noted that oil markets will continue to be undersupplied, despite some increases in shipping through the Strait of Hormuz, highlighting the ongoing tightness in key fuel prices.

(UPDATED April 6, 2026 23:07 UTC)

on Monday, President Trump stated that Iran is negotiating in what he believes is good faith regarding a potential ceasefire. Meanwhile, Iraq has informed Asian traders and refiners that they can now load its crude oil, as vessels are able to transit the Strait of Hormuz thanks to an exemption from Iran. However, oil markets are expected to remain undersupplied in the short term, despite this increase in shipping activity.

(UPDATED April 6, 2026 21:07 UTC)

The Strait of Hormuz remains virtually closed to oil tankers, with ship transits plummeting from about 130 per day in February to just six in March, according to a report released by CBS News. Currently, at least 70 large crude oil tankers are anchored off the eastern coast of Singapore and Malaysia, together capable of holding over 100 million barrels of crude oil, while the price for a barrel of benchmark U.S. crude has risen to $113.09 and gasoline prices in the U.S. have climbed to $4.12 a gallon. The ongoing conflict in Iran is disrupting global oil supplies, and experts say it could take several months to repair damaged infrastructure and resume shipping operations, meaning tankers might not start delivering Middle Eastern crude to Asia for roughly eight weeks after departing their current locations.