The head of the International Energy Agency warned that if the Strait of Hormuz doesn't reopen soon, the availability of jet fuel will continue affecting airlines and summer travel.
Federal customs authorities are set to begin processing refunds next week for import taxes struck down by the Supreme Court. But for small businesses, the process could get complicated.
China had more than a billion barrels of crude oil in reserve when the war in Iran disrupted the market. The country has also spent years diversifying its energy sources and accelerating electrification.