Jet fuel prices in the U.S. have surged during the war in the Middle East — more than doubling on a year-to-date basis.

Tehran has sent at least 11 million to 12 million barrels through the waterway since the war began on February 28.

The trip still depends on navigation in the crucial Strait of Hormuz, which is effectively closed for commercial ships.

Critical minerals have become a key point of leverage for China as it flexed its muscles in tariff negotiations with U.S. President Donald Trump.

The agreements signal a reset in relations that have been strained since 2023, over allegations surrounding the killing of a Sikh separatist leader on Canadian soil. 

Higher energy prices, if sustained, may give producers little choice but to raise prices for their business customers and consumers, says the Institute for Supply Management.

The administration accused companies of pushing for a speedy schedule out of an “apparent desire to be the center of attention” in the future proceedings before the trade court.

The Strait is one of the most important focal points at times of tension with Iran, because a fifth of the world’s seaborne oil and liquefied natural gas goes through it each day.

The uplift to 15%, announced by Trump one day later after the 10% rate, has yet to be implemented, but could be introduced at any time.

Although there are clear precedents, the current plan has some unusual factors.