The Trump administration is preparing sanctions on as many as 50 oil and fuel tankers as part of an effort to cut off trade between Iran and Venezuela, according to a person familiar with the matter.

The nationwide average price of a gallon of diesel increased by 1 cent to $2.396, according to the weekly report from the Energy Information Administration on June 8.

Oil fell after Saudi Arabia said it wouldn’t continue its additional, deeper output curbs after June.

The hills of the Yucatan Peninsula sapped Tropical Storm Cristobal of some of its power on June 4, but forecasters warn it will likely gain strength as it heads north across the Gulf of Mexico to the U.S coast, where it could bring downpours, high winds and rough surf.

Tropical Storm Cristobal brought heavy rain to southern Mexico June 3, and with a forecast that has it re-entering the Gulf of Mexico within a day, oil-platform workers are already being evacuated.

OPEC and its allies edged closer to a consensus on extending production cuts to prop up the oil market, even as wrangling continued for a third day about whether to bring forward their next meeting.

OPEC+ and its allies will decide as soon as this week whether to extend their historic output curbs, yet how long and to what extent global production curtailments remain in place will be crucial to sustaining crude’s rally after a record rebound last month.

An early look at Saudi Arabia’s crude exports for May shows that historic production cuts have done little to squelch the kingdom’s flood of oil to China, which is just getting back on its feet from the coronavirus.

Russia’s lack of support for continuing global production curbs in July punctured oil’s rally to a nearly three-month high and raised questions about OPEC+’s ability to drain a massive supply glut.

Oil’s recovery from its historic crash last month is barreling ahead, with some OPEC producers displaying signs of confidence that the market is stabilizing.