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U.S. Gas Prices Jump for 11th Straight Day, and Oil Pushes Higher – The New York Times

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U.S. Gas Prices Jump for 11th Straight Day, and Oil Pushes Higher – The New York Times

Oil prices rose, while U.S. stock futures were slightly lower on Wednesday amid continuing attacks on Iran and Iranian retaliatory strikes targeted at Israel and American allies in the region. Investors across the world are keenly focused on the Strait of Hormuz, a narrow waterway between Iran and Oman that separates the world’s biggest oil and natural gas producers from their customers. The strait carries one-fifth of the world’s oil and a significant amount of natural gas. Traffic through the strait has been effectively halted because of the risk that vessels could be attacked. On Tuesday, the U.S. military said its forces had attacked 16 Iranian mine-laying vessels near the strait. Trump administration officials have suggested the possibility of naval escorts for commercial vessels to mitigate the danger.

Oil Erases More of Its Recent Gains; Dow Inches Up — Live Updates

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Stock Market Today: Oil Erases More of Its Recent Gains; Dow Inches Up — Live Updates

It has been another wild day of trading in oil markets.

Futures for Brent crude, the global benchmark, dropped 11% to $87.80 a barrel, deepening a decline that began after they briefly surged to their highest intraday level since 2022.

Behind the slide: hopes the world’s biggest economies will release strategic oil reserves and comments from President Trump signaling a limit to the duration of hostilities.

Oil's decline helped boost stocks around the world on Tuesday, though U.S. indexes trimmed gains and crude pared declines after a social media post from Energy Secretary Chris Wright saying the U.S. Navy had successfully escorted a tanker through the Strait of Hormuz was deleted. The Navy isn’t now escorting commercial ships through the strait, according to the White House and a spokesman for U.S. Central Command.

What Rising Oil Prices Could Mean for Drivers in the U.S. – The New York Times

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What Rising Oil Prices Could Mean for Drivers in the U.S. – The New York Times

The price of gasoline in the United States rose only modestly on Monday, even as oil prices climbed in response to a widening conflict in the Middle East.

If the war drags on, though, that could abruptly change.

The U.S.-Israeli attacks on Iran, and Iran’s counterattacks, have started to limit the export of oil and gas from the region, pushing global oil prices higher. West Texas Intermediate crude oil futures, the domestic oil benchmark, jumped about 6 percent on Monday to just over $71 a barrel. (The international benchmark rose about 7 percent.)

But gas prices tend to take days or weeks to respond to rising oil prices as refiners pass on expenses. So a prolonged war is certain to result in higher costs at the pump.