Oil hits $90
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Trump, Hormuz Strait and Iran
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2 More Oil Tankers Are Attacked in Strait of Hormuz
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The Energy secretary spoke to CNBC's Brian Sullivan in Venezuela on Wednesday, after President Donald Trump announced a massive oil deal with Caracas.
Asian economies are racing to build up storage capacity to reduce their exposure to conflict in the Middle East.
Before the war began more than six months ago, the strategically important Strait of Hormuz was handling roughly 20 million barrels of oil each day. During Tuesday's operation, the US deployed a combination of air,
Treasury Secretary Scott Bessent just told G20 finance chiefs the Strait of Hormuz will stop mattering to global oil within two years, but Iran is already mining the waterway and threatening to attack neighboring energy infrastructure.
Shares are mostly lower in Asia and U.S. futures also have declined on expectations that the U.S. Federal Reserve may raise interest rates soon.
New port terminals, rail links and cross-border pipeline plans are emerging as Gulf economies absorb weaker exports, higher shipping costs and prolonged disruption to trade.
The oil major's regional operations have taken a hit. Will its share price follow?
The U.S. has launched “large and powerful” strikes on Iranian targets near the Strait of Hormuz, President Donald Trump said Tuesday in a post on Truth Social.