Oil headed for largest weekly gain since Jul.
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Oil touches $97 per barrel
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Iran, Oil
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Chevron will invest $7 billion in Venezuelan oil
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Oil prices on Tuesday settled at their highest levels in nearly six weeks, after the U.S. military said it struck Iranian targets in the Strait of Hormuz in response to Tehran’s overnight attacks on ships transiting the vital waterway.
Prices remain close to July highs as tanker attacks and US-Iran strikes raised disruption concerns in the Strait of Hormuz.
Six months after US-Israeli strikes disrupted Middle Eastern fossil fuel production and turned the Strait of Hormuz into a naval battleground, the world is getting a fuller picture of how the Iran war has reshaped the economics of energy.
Heating oil is averaging $5.15 a gallon and climbing, up $1.50 compared to last winter.
Peter McGuire, CEO of Trading.com expects oil’s near-term trend to remain upward, while the US dollar could fall towards 98–97.50 if the Fed stays on hold.
Evercore ISI senior strategist Matthew Aks explains how Chinese oil imports may actually be the "biggest unexpected shock absorber" that was keeping oil prices (CL=F, BZ=F) down.
John Kilduff, Again Capital founding partner, joins 'Squawk Box' to discuss the latest oil price trends, impact of Iran war on oil prices, details of the U.S.-Venezuela oil deal, and more.