Oil markets remain volatile as the U.S.–Iran conflict, Middle East supply risks, and potential easing of Russian oil sanctions continue to shift global supply expectations.
Oil prices plunged 10% after U.S. President Donald Trump warned Iran against blocking the Strait of Hormuz. Earlier on Monday Trump signaled the conflict with Iran could soon end.
Oil prices fell on Tuesday after hitting their highest level in more than three years in the prior session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.
Oil futures fell in early Asian trade amid developments that could ease pressure on supply.
President Donald Trump said the U.S. is waiving oil-related sanctions on certain countries in an effort to ease crude prices, as he estimated the war with Iran would end “very soon.”
Paul Sankey, Sankey Research, joins 'Fast Money' to talk the rebound in oil prices, why he thinks disruptions in the Middle East are far from over, and much more.
A volatile start to the trading week began with crude oil above $100 before ending the session below $90. Alex Coffey and Sam Vadas explain what happened and why it's a stunning reversal for investors.
U.S. Energy Secretary Chris Wright said on Monday that the U.S. is considering coordinating sales of oil from the U.S. Strategic Petroleum Reserve with releases from other countries as prices soar during the war on Iran.
Virtually every major asset class has been stung by volatility over the past week as the combined U.S. and Israeli assault on Iran caused one of the most rapid spikes in crude-oil prices on record.
GasBuddy logged the national average price for a gallon of gas at $3.48 on Monday, a dramatic increase poised to rise within the next month.
With oil spiking to $100 a barrel and the job market essentially paralyzed, the threat of stagflation again is looming over the U.S. economy and financial markets. High inflation and slow growth present a double threat, as stimulative measures such as interest rate cuts and government spending only aggravate inflation.
Energy ministers from the Group of Seven nations will hold a virtual meeting Tuesday morning to discuss a potential release of oil reserves. The U.S. believes a joint release of 300 million to 400 million barrels would be appropriate, a source told CNBC.