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Overnight strikes hit Tehran and other Iranian cities as diplomatic efforts continued and fears grew that the fighting could widen, with US troops arriving in the region and global markets reacting sharply.
European markets fell mid-morning as investors fretted over a possible escalation in the Middle East. Brent jumped above $106, bond yields rose, and the OECD cut Italy's growth outlook while warning of wider risks.
Analyst Muyu Xu warns that rising conflict around Iran could push oil as high as $120 a barrel if supply routes are disrupted, with import-reliant countries bearing the brunt.
Chevron CEO Mike Wirth says the Iran conflict has hurt oil markets more than the Russia-Ukraine war. Officials are still assessing damage, and the U.S. energy secretary urged producers to boost output to calm prices.
The conflict entered its 24th day as an approaching US deadline to target Iran’s power grid raises the prospect of wider attacks across the Gulf and major market turbulence.
Recent strikes by Israel and Iran on oil and gas facilities have pushed global energy markets into crisis mode. Damage to major infrastructure, including the South Pars field and a Qatari LNG plant, could remove years of supply and drive prices and inflation higher.
With the Strait of Hormuz effectively blocked and the US temporarily easing sanctions, Russian crude has surged in value and found new buyers. Tankers are being rerouted, prices are spiking, and a shadow fleet is doing the heavy lifting. Here is how Moscow is cashing in and who else might profit.
A rapid series of strikes and missile launches has hit major oil and gas facilities across the Gulf, damaging Qatar’s LNG hub and putting global gas and oil markets on high alert.
A war in the Middle East has pushed oil prices up, supply chains are strained, and voters are asking whether the White House has a steady economic plan.
Rising violence in the Middle East pushes Brent toward $115-$116 a barrel, spikes gas prices and drags European markets lower. Yields and spreads tick up as investors brace for central bank signals.
Oil tops $100 again as Iranian strikes hit ports, tankers and fuel tanks across the Gulf, prompting big reserve releases and market jitters.
Oil tops $100 as tensions linger and stocks swing; Europe steadies a bit while Wall Street opens softer.