Oil headed for largest weekly gain since Jul.
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This week’s renewed strikes by the United States and Iran strain the flow of energy and diminish expectations the disruption will end soon.
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.
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.
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.
Heating oil is averaging $5.15 a gallon and climbing, up $1.50 compared to last winter.
Prices remain close to July highs as tanker attacks and US-Iran strikes raised disruption concerns in the Strait of Hormuz.
Oil prices have gained more than 7% this week The U.S. and Iran have traded military strikes this week for the first time since July.
Oil prices are heading for a steep weekly gain as renewed U.S.-Iran fighting raises fears of further disruption to Middle East supplies.