Satellite image of the Strait of Hormuz, a strategic maritime choke point with Iran situated at the top with Qeshm Island and the United Arab Emirates to the South. Imaged 24 May 2017. Gallo Images | Getty Images U.S. Secretary of State Marco Rubio on Sunday called for China to prevent Iran from closing the…
Senior Israeli officials said this week that their military campaign against Iran could trigger the fall of the regime, an event that would have enormous implications for the global oil market. The oil market has reacted with remarkable restraint as Israel has bombed the third-largest crude producer in OPEC for eight straight days, with no…
U.S., Israel and Iran flags are seen in this illustration taken June 18, 2025. Dado Ruvic | Reuters Oil prices fell more than 3% on Friday as President Donald Trump holds off for now on helping Israel to destroy OPEC member Iran’s nuclear program. Global benchmark Brent fell $2.78, or 3.53%, to $76.07 per barrel….
Smoke blankets the sky above Tehran, Iran, following explosions in the capital after the Israeli army hit Iranian targets, on June 18, 2025. Anadolu | Anadolu | Getty Images Crude oil futures rose more than 1% on Thursday, after Prime Minister Benjamin Netanyahu ordered Israel’s military to intensify attacks against Iran. U.S. crude oil was…
Pumpjacks are seen in oilfields along Highway 33, known as the Petroleum Highway, west of Buttonwillow, Kern County, California on April 9, 2025. Frederic J. Brown | Afp | Getty Images U.S. crude oil rose more than 1% Monday after President Donald Trump exempted smartphones, computers and other tech devices from his steep tariffs on…
U.S. crude oil futures fell more than 2% on Monday after OPEC cut its demand forecast for 2024 for the third time in a row. OPEC now sees demand growing by 1.9 million barrels per day in 2024, down from 2 million bpd in its previous forecast, according to a report released Monday. The group…
U.S. crude oil is set to book a nearly 9% gain for the week, after President Joe Biden indicated that the White House is discussing a possible strike by Israel on Iran’s crude facilities in retaliation for Tehran’s ballistic missile strike earlier this week. Oil prices would spike by $10 to $20 per barrel if…
U.S. crude oil held to gains Wednesday as Israel vowed to respond to an Iranian missile attack, though prices have come off session highs due to a bearish stockpile build in the U.S. U.S. oil stockpiles rose by 3.9 million barrels last week while gasoline inventories increased by 1.1 million barrels, according to the Energy…
The Iranian flag above the new Phase 3 facility at the Persian Gulf Star gas condensate refinery in Bandar Abbas, Iran, in 2019. Ali Mohammadi | Bloomberg | Getty Images The oil market faced a rude awakening this week after Iran launched a large-scale ballistic missile attack against Israel, briefly sending crude prices more than…