October WTI crude oil (CLV26 ) closed up +0.79 (+0.88%) on Wednesday, and October RBOB gasoline (RBV26 ) closed down -0.0313 (-1.00%). Crude oil and gasoline prices settled mixed on Wednesday, with crude oil posting a fresh 6-week high.

Oil prices were volatile Wednesday, as Mideast tensions continue to escalate after the U.S. attacked Iran, while Tehran reportedly struck back at U.S. allies.

Oil prices have jumped amid fears of escalation in the Middle East following the first exchanges of fire between the United States and Iran in more than a month over the weekend. Brent crude, the international benchmark,

October WTI crude oil (CLV26 ) is up +0.43 (+0.48%) today, and October RBOB gasoline (RBV26 ) is up +0.0126 (+0.40%). Crude oil and gasoline prices are moving higher today, with crude oil posting a fresh 6-week high.

Sound familiar? A pause in fighting between the United States and Iran has given oil traders hope that a diplomatic resolution could restart the flow of oil traffic out of the Middle East.

By Ahmad Ghaddar, Enes Tunagur and Robert Harvey LONDON, Sept 1 (Reuters) - For the first time on record, Iran has gone about seven weeks without shipping meaningful crude exports through the Strait of Hormuz,

The oil experiment in Venezuela is about to be tested. If it works, and new oil revenue benefits both countries, could Iran be next?

Iran’s oil shipments to Asia have all but dried up, driving the cost of those cargoes to the highest levels in years even before the US administration announces fresh moves to isolate Tehran and its trading partners.

On the afternoon of July 25, the Greek-owned supertanker Kiku docked at Qatar’s Mesaieed oil export terminal, a massive, 30-berth port on the country’s west coast, 25 miles south of Doha.

Similar moves in Europe and Japan reflect widening deficits and soaring debt, which are raising the cost to governments of borrowing money from investors.