Houthis claim attack on Saudi oil refinery
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Two dominant forces balance the global oil market: supply and demand. The Iran war has broken both – one perhaps beyond repair.
As Iran's attacks keep ship traffic through the Strait of Hormuz to a trickle and oil prices surge, Gulf states are planning to invest billions in pipeline alternatives.
Oil prices have surged around 20% this month as fighting between the U.S. and Iran has sharply escalated.
The war with Iran is bad news for the global economy, but it’s lifting the fortunes of most energy stocks, led by oil refiners, according to a set of ETFs.
The price of oil surged nearly 5% on Wednesday as U.S. officials talked down the chance of new peace talks after an 11th straight night of strikes on Iran and with major disruption now facing two of the world’s key supply routes.
By Lawrence Delevingne, Johann M Cherian and Gregor Stuart Hunter July 22 (Reuters) - Oil prices rose to a six-week high on Wednesday as the U.S. and Iran traded strikes, further threatening energy shipping in the Middle East,