Qatar's Minister of Energy Saad Sherida al-Kaabi told the Financial Times on Friday that the conflict could lead to a halt in oil production across the Gulf states.
The price of a gallon of gas has jumped 14% in a week and looks likely to rise even further as the war in Iran has disrupted oil supplies.
The growing conflict in Iran, spearheaded by U.S. and Israeli strikes followed by retaliatory attacks by Iran on Gulf partners, has resulted in a surge in domestic gas and oil prices. The U.S. national average for a gallon of regular gasoline jumped 14 percent since last week to $3.41 as of Saturday, according to data…
President Trump threatened early Saturday morning to step up the bombing campaign in Iran, saying it may expand to people and regions that hadn't been targeted previously.Why it matters: The war is entering its second week, with no let-up in sight.The domestic impacts, meanwhile, are compounding — especially the surge in energy prices that threatens to…
Energy Secretary Chris Wright said Sunday that an oil tanker has passed through the Strait of Hormuz, calling it an early sign that the crucial shipping route is starting to reopen.
The Trump administration is starting to loosen its sanctions on Russian oil in an attempt to counteract a rapid surge in gas prices due to the war with Iran. On Friday, Treasury Secretary Scott Bessent revealed that his department had permitted India to resume buying Russian oil after the United States imposed sanctions last fall. The Cabinet secretary…
War-risk insurance costs surge as conflict threatens oil shipments through Strait of Hormuz, potentially driving up gas prices for American consumers.
