Spencer Kimball

Oil prices rose on Monday as doubt grew that the U.S. and Iran will reach a deal to increase ship traffic through the Strait of Hormuz.

Crude oil stocks in the U.S. Strategic Petroleum Reserve have fallen below 300 million barrels, the lowest level since 1983, as global inventories are under pressure due to the Iran war.

However, Energy Secretary Chris Wright said Tuesday that oil exports through Hormuz have reached a seven-day average of nearly 9 million barrels

0 seconds of 3 minutes, 30 seconds Volume 90% Listen Key Points Saudi Arabia is under pressure as Iran and its allies pressure the major oil chokepoints in the Middle East.

Key Points The SPR has tumbled below 300 million barrels for the first time since it was filled in the early 1980s, according to federal data release this week.

Donald Trump said Tuesday that the waterway is “open and operating.”

Key Points Diesel prices in California have risen about 30 cents per gallon over the past month and $1.89 a gallon compared to the same period last year.

Key Points U.S. Central Command has aided with the passage of more than 660 million barrels of crude oil through the Strait of Hormuz since early May.

Iran's President Masoud Pezeshkian said "it is better to end the war today" when Iran is "in a position of power and dignity," according to state news. Tre