Camila Dominovsky

The IEA still anticipates that the global appetite for oil will grow this year, but less than it expected before the war.

That's because of supply shortages, higher prices, and direct impacts like the suspension of flights in the Middle East.

In a similar report this week, the oil cartel OPEC, which represents oil producers, estimates that demand for oil would be unchanged for the year overall.

The two groups often disagree.

Neither body predicts a major hit to the global economy, although the IEA warns that if oil prices remain high for a protracted period, that would weigh on growth.

Camila Dominovsky, NPR News.

The near closure of the Strait of Hormuz has massively disrupted global oil trade.

The ever-present hope that the strait could reopen has made prices volatile, responding sharply to the headlines.

What exactly happens next in the Strait isn't clear.

President Trump posted that the ceasefire was conditional on a, quote, complete, immediate, and safe opening, while Iranian leaders said via state media that the U.S., quote, has accepted Iran's control over the Strait.

The Energy Information Administration estimates that full restoration of the world's oil flows will take months.

Camila Dominovsky, NPR News.

Last year, gasoline prices were remarkably stable, a straight line more or less.

For most of this month, they've also been a straight line, almost straight up.

Prices vary around the country, most expensive on the West Coast and least expensive in the middle of the continent.

But they're rising everywhere.

Crude oil is driving prices up as the war in Iran disrupts global oil trade.

A switch to summer gasoline and the typical seasonal rise in demand aren't helping.

The average cost of public charging electric vehicles is 41 cents a kilowatt hour, AAA reports, up slightly two cents from a month ago.

Camila Dominovsky, NPR News.