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Dwayne Schnell | 500px Plus | Getty Images A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox. The Iran war has propelled oil prices to above $94 a barrel, up about 30% […]
US stocks surged Wednesday morning as oil plunged near $90 after President Trump said he had agreed to a two-week ceasefire with Iran — paving the way to reopen the Strait of Hormuz. The Dow Jones Industrial Average had soared 1,389 points, or 3%, as of 9:38 a.m. ET, while the S&P 500 and Nasdaq futures jumped […]
Crude oil prices would need to jump to roughly $138 a barrel amid the war on Iran and stay there for at least a few weeks to put the US at a serious risk of a recession, according to a new survey of economists released Thursday. Iran’s blockade of the Strait of Hormuz, a vital […]
WASHINGTON — Energy Secretary Chris Wright predicted that soaring oil prices will cool off within the “next few weeks” after the war in Iran ends, while sidestepping a question about whether he expects crude to top $200 a barrel. Oil prices have been hovering around $100 a barrel in the futures markets since President Trump announced a […]
World leaders raced on Wednesday to shore up the global oil supply as the war in the Middle East and retaliatory attacks by Iran threatened to choke off the Strait of Hormuz, a vital passage for oil tankers. The threat was punctuated when three ships in or near the strait were damaged by strikes. Hours […]
Fuel prices could soar, and stay elevated for months. That could make groceries and other shipped goods more expensive. And consumers and businesses, stung by the rising costs, could choose to spend less, constraining economic growth. In the eyes of economists, that is the increasingly real and dire picture from the U.S.-led war with Iran, […]
US oil prices surged to $90 a barrel on Friday after President Trump demanded unconditional surrender from Iran – fueling fears of a lasting conflict that Qatar’s energy minister warned could “bring down the economies of the world.” Brent crude oil hit $86 a barrel, while West Texas Intermediate crude jumped above $90 – pushing […]
In India, the timing of the U.S. Supreme Court’s ruling against President Trump’s use of an emergency law to impose tariffs caused acute whiplash. The country had just escaped a 50 percent tariff with a trade deal announced not even three weeks ago. One term of that deal has been making India’s prime minister, Narendra […]
OPEC+ will likely approve another oil production increase of at least 137,000 barrels per day at its meeting next Sunday, as rising oil prices encourage the group to try to further regain market share, three sources familiar with the talks said. OPEC+ has reversed its strategy of output cuts from April and has already raised […]
OPEC+ has agreed to further raise oil production beginning in October as leader Saudi Arabia pushes to regain market share, while slowing the pace of increases compared with previous months due to an anticipated weakening of global demand. OPEC+ has been increasing production since April after years of cuts to support the oil market, but […]
