With word of the Strait of Hormuz reopening, the stock market soared on Friday. Oil prices dropped about 10%, and as a result, gas prices ticked downward. Kelly O’Grady breaks it all down. Source link
Oil prices plummeted by around 10% on Friday after Iran declared the Strait of Hormuz “completely open” amid a ceasefire between Israel and Lebanon. The West Texas Intermediate, the U.S. benchmark, fell by $10.33, or 10.91%, to $84.36, according to oilprice.com. Brent, the international standard, dropped $8.89, or 8.94%, to $90.05 a barrel. U.S. motorists … Read more
The price of oil plunged sharply and U.S. stock indexes opened at new all-time highs after the Iranian foreign minister said that the Strait of Hormuz was open for commercial vessels. Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content. “In line with the ceasefire in Lebanon, the passage … Read more
The S&P 500 hit a new all-time high Wednesday, a remarkable turnaround for the broad-based stock index while the war with Iran continues and rising energy costs threaten global growth prospects. Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content. The S&P 500 rose 0.5%, pushing the benchmark past … Read more
Iran’s state media claimed Wednesday morning that a bulk carrier transporting food supplies and an Iranian crude oil tanker had entered Iranian waters after transiting the Strait of Hormuz, hours after a top U.S. military commander said a blockade of Iranian ports was “fully implemented.” Iran’s Fars News Agency said a supertanker capable of transporting 2 … Read more
Chevron’s stepped-up imports of Venezuelan oil are helping ease fuel prices for U.S. consumers, according to a senior executive with the energy giant. Andrew Walz, Chevron’s president of global refining, told CBS News that the company is running its Pascagoula, Mississippi, refinery around the clock to process crude from Venezuela. Walz said Chevron is moving … Read more
Andy Walz, Chevron’s president of downstream, midstream and chemicals, told CBS News’ Lilia Luciano that the energy giant is bringing in Venezuelan crude oil to help lower costs driven up by the Iran war. Source link
Oil prices have started to slip — but not necessarily for reasons that suggest a return to market normalcy. Subscribe to read this story ad-free Get unlimited access to ad-free articles and exclusive content. The International Energy Agency said Tuesday that “demand destruction” has begun to unfold. As a result of the acute energy commodity … Read more
Neil Irwin, chief economic correspondent at Axios, joins CBS News 24/7 to break down the jump in oil prices after President Trump announced the U.S. would blockade Iranian ports in the Strait of Hormuz. Source link
Oil prices jumped above $100 a barrel on Monday and U.S. stocks dipped amid concerns about the impact of President Trump’s plan to blockade Iran’s ports and a partial blockade of the Strait of Hormuz, a key chokepoint for oil, fertilizer and other commodities. The price of Brent crude, the international benchmark, jumped $7.15, or 7.5%, to $102.30 … Read more