Returning to business as usual in the global oil market might now take months — not weeks — to achieve, according to TS Lombard.
The US central bank has raised its forecast for inflation as the Iran war-linked surge in global energy prices threatens self-inflicted damage on the world's largest economy.
"The big action is going to be in the summary of economic projections and, of course, the press conference," says Joe Brusuelas on Wednesday's interest rate decision from the FOMC. He's leaning toward December for the next rate cut due to the committee staying "cautious" until the U.S.-Iran uncertainty subsides.
Federal Reserve Chair Jerome Powell is due to speak Wednesday on the economy and interest rates for the time since the start of the Iran conflict.
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.