oil prices

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Oil Surges Past $90 as Iran War Rattles Global Markets

Traders fear prolonged supply disruptions as shipping in Strait of Hormuz stalls

(Newser) - Oil is suddenly looking a lot more expensive—and investors are taking notice. US crude jumped nearly 9% Friday to top $88 a barrel, while Brent crude sailed past $90, putting both on course for their steepest weekly gains since early 2020 as the conflict involving Iran rattles global energy...

Trump Demands Iran's 'Unconditional Surrender'

He says country needs to install 'great and acceptable' leaders

(Newser) - President Trump says peace with Iran comes down to two words: "unconditional surrender." In a Truth Social post Friday morning, Trump declared there would be no agreement to end the US war against Iran unless Tehran fully capitulates and installs new leadership, CNBC reports.
  • "There will be
...

WH Advisers 'Getting Screamed at' Over Gas Prices

Politico: Chief of staff Susie Wiles seeking strategies to ease fuel costs after strikes on Iran

(Newser) - President Trump's chief of staff has put gas prices near the top of the West Wing's to-do list. Two energy executives tell Politico that Susie Wiles has directed advisers to show up in the Oval Office with concrete ideas for bringing down prices at the pump, which have...

Trump Makes Big Move on Strait of Hormuz

He says oil tankers will get naval escorts, insurance guarantees

(Newser) - With oil prices rising amid the US-led war on Iran, President Trump has moved to quell fears of an energy crisis. He said Tuesday that the US would provide naval escorts, if necessary, for oil tankers passing through the Strait of Hormuz. Around a fifth of the world's oil...

Get Used to One New Reality: Rising Gas Prices

They jump 11 cents overnight to $3.11 per gallon, as crude oil jumps, too

(Newser) - Drivers who track gas prices are in for an unpleasant surprise: The average cost of a gallon in the US rose 11 cents overnight to $3.11, reports the AP , citing data from the motor club AAA. The reason is no surprise: The Mideast is now engulfed in war , which...

Strait of Hormuz Showdown Could Be a 'Historic' One

Traffic through key waterway has ground to a halt, with higher oil prices looming

(Newser) - Oil tankers are all but sidelined in one of the world's most important energy conduits. Traffic through the Strait of Hormuz has plunged since US and Israeli strikes began on Iran , as ship operators steer clear of the narrow passage that usually carries about a fifth of the world'...

Rubio: We Have a Plan to Counter Oil Price Spike

Officials to roll out phased response as Iran tensions escalate, he says

(Newser) - Washington says it has a playbook ready as oil prices jump amid the US-Iran conflict, Politico reports. Secretary of State Marco Rubio said Monday the Trump administration will start rolling out a plan Tuesday aimed at easing the spike in crude prices that followed US strikes on Iran and retaliatory...

New Poll: Most Americans Oppose Iran Strikes

Poll finds many view Trump as too eager for military action

(Newser) - Americans are mostly lukewarm—or outright opposed—to Washington's latest show of force against Iran. A new Reuters/Ipsos poll finds just 27% back the US strikes that killed Iran's leader, while 43% disapprove and 29% aren't sure. The survey, conducted as US and Israeli strikes were underway...

Oil Prices Surge More Than 8% on Fears of Iran War

Traders eye Hormuz choke point as tankers halt amid strikes

(Newser) - Oil traders jolted awake Sunday night as crude prices leapt more than 8% on fears that a widening US-Iran conflict could choke a crucial energy artery, CNBC reports. By early evening, US benchmark West Texas Intermediate was up $5.55 at $72.57 a barrel, while global benchmark Brent crude...

Trump Has a Specific Goal in Mind for Oil Prices

President reportedly wants $50 a barrel, but that threshold is a dicey one for the industry

(Newser) - President Trump suggested Wednesday that the US would be controlling Venezuela—and its oil industry—for a matter of years. Asked in a New York Times interview if the timeline was for six months or perhaps a year, Trump responded, "I would say much longer." The Wall Street ...

Stocks Rally, Oil Prices Drop After Iran Retaliates
Oil Prices Drop After
Iran's Retaliation
MARKETS
Jun 23, 2025 3:36 PM CDT

Oil Prices Drop After Iran's Retaliation

Country did not appear to target the flow of oil

(Newser) - US stocks rallied and oil prices tumbled Monday on hopes that Iran will not disrupt the global flow of crude, even with the United States' entry into its war with Israel.
  • The S&P 500 rose 57.33 points, or 1%, to 6,025.17.
  • The Dow Jones Industrial Average
...

Trump: 'Everyone, Keep Oil Prices Down'

'I'm watching,' he says

(Newser) - Oil prices have remained relatively stable despite US strikes on Iranian nuclear sites—and President Trump wants them to stay that way.
  • "EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING!" Trump wrote in a Truth Social post Monday. "YOU'RE PLAYING RIGHT INTO THE HANDS OF THE
...

Biden Is Releasing 1M Barrels of Oil From Reserve

Administration aims to lower pump prices this summer

(Newser) - The Biden administration said Tuesday that it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer. The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,...

Israel-Hamas War Could Hit You at the Gas Pump

If the war escalates, oil prices will shoot up, which means food prices will, as well

(Newser) - The World Bank reported on Monday that oil prices could be pushed into "uncharted waters" if the violence between Israel and Hamas widens, which the AP reports could result in increased food prices worldwide. The World Bank's Commodity Markets Outlook found that while the effects on oil prices...

This Move by Saudi Arabia Could Mean Higher Gas Prices
Saudis Looking to
Jack Gas Prices
Jun 5, 2023 2:20 AM CDT

Saudis Looking to Jack Gas Prices

Amid slumping prices, Riyadh will slash oil supply

(Newser) - Saudi Arabia will reduce how much oil it sends to the global economy, taking a unilateral step to prop up the sagging price of crude after two previous cuts to supply by major producing countries in the OPEC+ alliance failed to push oil higher, the AP reports. The Saudi cut...

Moscow Retaliates for Price Cap on Russian Oil

Putin signs decree barring sales to countries that imposed limit

(Newser) - Russia says it's making good on its vow not to sell any oil under a price cap imposed by Western nations. Vladimir Putin signed a decree Monday stating that no oil will be sold to the Group of Seven nations, the European Union, and other allied nations between Feb....

The Saudis Appear to Be Betting on Trump
The Saudis Appear
to Be Betting on Trump
THE RUNDOWN
Oct 13, 2022 5:25 PM CDT

The Saudis Appear to Be Betting on Trump

Move to cut oil supply could be taken as a 'humiliation' for Biden ahead of midterms

(Newser) - Saudi Arabia claims the decision by the Saudi-led alliance of oil-exporting countries to slash oil production , which means driving up prices and boosting Russia's coffers amid its war in Ukraine, is a purely economic move. But onlookers say there's an ulterior motive—specifically, a plan to get former...

White House Slams 'Short-Sighted' Oil Cartel Move

OPEC+ decides to cut production to boost oil prices

(Newser) - The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for US drivers just ahead of key national elections. Energy ministers cut production by a larger-than-expected...

Gas Prices Dip Below $4
Gas Prices Dip Below $4
Aug 11, 2022 4:11 AM CDT

Gas Prices Dip Below $4

Nationwide average is lowest in more than 5 months

(Newser) - Gasoline prices have dipped to just under the $4 mark for the first time in more than five months—good news for consumers who are struggling with high prices for many other essentials. The American Automobile Association says the national average for a gallon of reguar was $3.99 on...

Pain at the Pump Sees a New Jump
Pain at the Pump
Sees a New Jump
Jun 6, 2022 10:20 AM CDT

Pain at the Pump Sees a New Jump

Gas prices have spiked 25 cents in just one week

(Newser) - At least 10 states now claim an average gas price of more than $5 per gallon, and some of them can trace this dubious honor back to a surge over the past few days. According to AAA, the country's average increased to $4.87 a gallon on Monday, which...

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