Crude oil prices surged above $100 per barrel on Sunday, after major Middle East producers cut output because the critical Strait of Hormuz remains closed due to the Iran war. West Texas Intermediate jumped 18.98%, or $17.25, to $108.15 per barrel by 6:12 p.m. ET. Global benchmark Brent advanced 16.19%, or $15.01, to $107.70. U.S….
So, you are telling me that our continent is energy self-sufficient and yet, last week oil screamed higher faster than we have ever seen ? Or that all that new Permian Basin oil doesn’t matter? Or that cars guzzle a lot less now than they did in previous oil shocks? Short term, the answer is,…
Investors will have a lot on their plate in the week ahead. Earnings season is set to wrap up, and several key economic updates are headed our way — all against the backdrop of the ongoing war in Iran. Another volatile week may be in store. 1. The U.S.-Iran war is the most important thing…
U.S. Energy Secretary Chris Wright pumps gas at a gas station in Corpus Christi, Texas, U.S., February 27, 2026. Sheila Dang | Reuters Energy Secretary Chris Wright said oil and gas prices will begin to fall when the U.S. begins to knock out Iran’s ability to hinder tanker traffic through the Strait of Hormuz, as…
A difficult jobs report comes at a tough time for the White House. Gas prices are rising due to the war in Iran, while stock market turmoil is making savers and retirees antsy about the state of their 401(k)s. Data released Friday showing a loss of 92,000 jobs in February will put pressure on the…
U.S. President Donald Trump points his finger as he arrives to deliver remarks on the U.S. economy and affordability at the Mount Airy Casino Resort in Mount Pocono, Pennsylvania, U.S. December 9, 2025. Jonathan Ernst | Reuters November’s midterm elections were always supposed to be about affordability. Then, the bombs began falling in Iran. The…
Kuwait said Saturday that it has cut oil production and refining output because tankers cannot transit the Persian Gulf due to threats from Iran. The Arab monarchy did not say how many barrels per day it has cut, but described the output reduction as a precautionary measure that will be “reviewed as the situation develops.”…
There was no shortage of setbacks for stocks last week. Surprising economic data, another batch of earnings, and an intensifying conflict in the Middle East all combined to move the market, mostly downward. The S & P 500 closed out Friday with a weekly loss of 2% as the broad-market index flipped between the positive…
The Texas Voyager oil tanker sits anchored off the coast of Chevron’s El Segundo Refinery in El Segundo, California on March 4, 2026. Patrick T. Fallon | Afp | Getty Images The Trump administration on Friday announced a $20 billion reinsurance program for oil tankers and other maritime traffic in an effort to get vessels…
Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Stocks dropped on Friday , capping a volatile week in the markets that pushed oil prices above $90 for the first time since October 2023. Typically,…
