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.”…
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…
President Donald Trump is ready to use the U.S. Navy to escort oil tankers through the Strait of Hormuz as the war against Iran rages, but providing safe passage to the volume of traffic that typically passes through the waterway will prove challenging. U.S. oil prices have surged 28% to above $86 a barrel this…
My top 10 things to watch Wednesday, March 4 1. Stock futures are pointing to a solidly higher open this morning, in contrast to yesterday’s sharp declines. The volatility of Tuesday’s session is another reminder of why investors shouldn’t flee in fraught geopolitical moments. 2. Oil gave up earlier gains and is now lower, with…
View along Threadneedle Street towards the Bank of England in the City of London on 25th February 2026 in London, United Kingdom. The Bank of England is the central bank of the UK and is responsible for setting interest rates. Mike Kemp | In Pictures | Getty Images A widening Middle East conflict has posed…
Oil prices spiked after the U.S. and Israel attacked Iran over the weekend, threatening an almost immediate jump in gasoline prices as well, experts say. Already, U.S. crude prices gained 6% as of Monday morning. A prolonged U.S.-Israel conflict with Iran could disrupt crude oil supplies and push prices even higher. Iran is the fourth-largest oil producer in…
Commercial ships anchor off the coast of the United Arab Emirates due to navigation disruptions in the Strait of Hormuz, Dubai on March 2, 2026. Anadolu | Getty Images The closure of the Strait of Hormuz by Iran is sending shockwaves across global energy markets, with Asia expected to face the maximum pain. A senior…
Iranian Navy soldiers at an armed speed boat in Persian Gulf near the strait of Hormuz about 1320km (820 miles) south of Tehran, April 30, 2019. Morteza Nikoubazl | Nurphoto | Getty Images The escalating war in the Middle East has ratcheted up fears of prolonged disruption to global trade via key maritime corridors like…
People protest against the US and Israeli strikes on Iran, ICE immigration raids, and in support of Palestinians during a demonstration outside the Westwood Federal Building in the Westwood neighborhood of Los Angeles on June 22, 2025. Iran on Sunday threatened US bases in the Middle East after massive air strikes that Washington said had…
Thick plumes of smoke rise over the residential areas of the Iranian capital following airstrikes amid ongoing U.S.â”Israel attacks as multiple explosions are heard across the city in Tehran, Iran on March 01, 2026. Fatemeh Bahrami/ | Anadolu | Getty Images We hear it all the time on CNBC — markets hate uncertainty, and the…
