Live updates: US-Iran war; hopes for imminent Strait of Hormuz deal fade
US officials are warning of rising oil and gas prices as transit constraints persist in the Strait of Hormuz. Despite President Trump's claims that the waterway is open, energy flow remains significantly below average levels.
Why it matters
The disruption in a critical global energy chokepoint poses a significant risk to the global economy and US domestic fuel prices.
Link Copied! US officials warn of higher oil and gas prices due to Strait of Hormuz shutdown By Matt Egan A day after President Donald Trump claimed the Strait of Hormuz is “open,” officials inside his administration are ramping up their forecasts for oil and gasoline prices as “constraints” block the flow of energy through that critical waterway.
The Energy Department’s forecasting arm, the Energy Information Administration (EIA), now expects energy transits through the Strait of Hormuz to remain limited through August.
The EIA raised its 2026 for Brent, the global oil benchmark, to an average of $87 a barrel on Tuesday. That’s up from a forecast of $82 a month ago for Brent, and close to current levels.
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