Could oil prices spike over $200 a barrel if the Middle East conflict continues to escalate? On this episode of the Everybody's Business podcast, Bloomberg Opinion's Javier Blas joins Stacey Vanek Smith and Max Chafkin to discuss whether a continued conflict with Iran will send oil prices soaring to crisis levels, causing an economic shock on a global scale.
Saudi Arabia led a big increase in OPEC oil output in the month ahead of U.S. and Israeli strikes on Iran, a Reuters survey showed on Friday.
February nonfarm payrolls fell 92,000, missing the 58,000 forecast badly. With oil soaring and jobs weakening, the Fed's dual mandate is now at risk.
The cuts signal a broader storage crisis that poses new risks to the global market.
Equity, bond, and commodity markets are under pressure as oil prices surge amid escalating geopolitical conflict. The S&P 500 is exhibiting a near-perfect inverse correlation with oil; further oil price increases likely drive equities lower.
Forecasts that oil will hit $100 barrel happen regularly now because of the war in the Middle East and the shuttering of the Strait of Hormuz through which 20% of the world's oil flows by ship.
Oil prices rose on Friday morning after oscillating overnight.
Oil futures traded at their highest levels since the summer of 2024 on Friday as the war against Iran entered a seventh day with no sign of it ending anytime soon.
The Trump administration is ruling out deploying the Treasury Department to trade oil futures for now, Bloomberg News reported on Friday, citing a person familiar with the matter.
U.S. has issued a 30-day waiver to the world's third-largest oil importer, India, to resume purchase oil from Russia. The U.S. government is taking steps to curb rising oil prices, including offering political risk insurance for tankers transiting the Gulf.
Oil futures fell in early Asian trade after Treasury Secretary Bessent unveiled a stopgap measure to ease pressure caused by what he calls Iran's attempt to “take global energy hostage.”
American oil benchmark posts big gain.