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Iran warns of military ship ban in Hormuz under potential deal with Oman, and other Middle East news AP NewsIran warns of military ship ban in Strait of Hormuz under potential deal with Oman Spectrum NewsNavigation, jurisdiction, costs: Iran, Oman attempt to hammer out Hormuz deal France 24Strait of Hormuz deal inches closer as oil prices dip; US commits to Tehran sanctions Fox News
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Wiped out: US faces surging toilet paper prices amid trade war with Canada The GuardianHow U.S.-Canada Tariff Negotiations Turned Into an All-Out Trade War The New York Times‘Captain Canada' firebrand unloads on Trump with profane one-liner as trade war escalates Fox NewsThe Canadian Bad Cop on the Front Lines of the U.S. Trade War WSJ
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The cost of the fuel, used in farm machinery, trucks and other heavy equipment, has surged because of the war in Iran and Ukrainian attacks on Russian refineries.
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Operation Economic Outcast aims to isolate Tehran from the U.S. dollar without pushing oil prices higher.
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Oil prices declined on Tuesday as traders shrugged off U.S. threats of an "economic D-Day" against Iran, while a flurry of headlines helped to renew hopes that the conflict could soon come to an end.
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What matters more for oil prices is how hard U.S. sanctions hit China, Iran's biggest oil buyer, and whether Beijing pushes back.
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