Crude oil consolidates within near-term pivots after a bearish engulfing pattern, with traders watching key support and resistance to determine the next directional move.
One analyst's top picks are Devon Energy, Diamondback Energy, and Permian Resources.
Helmerich & Payne, a provider of drilling services, is up 21% year to date.
President Trump had previously said “numerous countries” would help reopen the Strait of Hormuz.
Global oil prices were poised to end above $100 a barrel for a fourth session in a row, as U.S. calls for help to secure the crucial waterway fall on deaf ears and reports that Iran is allowing some crude tankers to pass through the Strait of Hormuz offer a “mixed signal” for the market on the situation in the Middle East.
Starting on March 4, 2026, Iran declared the Strait of Hormuz closed and began attacking ships attempting to transit oil and other commodities.
Beyond the $100 barrel, there are “second-round” effects that can hit your portfolio.
Delta soothes investor fears over the effect of rising oil prices by raising revenue guidance, and the stock surges.
Moody's economist Mark Zandi highlighted U.S. recession risks amid higher energy prices.
The Federal Reserve will announce its March interest rate decision on Wednesday afternoon. It's likely the FOMC will hold rates steady, especially as the Iran war has sent oil markets into chaos.
Treasury Secretary Scott Bessent told CNBC on Monday that the administration has no plans to intervene in financial markets and may not have the authority to do so even if it wanted.
Jeremy Siegel, professor emeritus of finance at University of Pennsylvania's Wharton School of Business and WisdomTree chief economist, joins 'Squawk Box' to discuss the state of the economy, what to expect from the Fed's two-day policy meeting this week, impact of the Iran war, interest rate outlook, and more.