As the U.S. blockade and Iranian mines and drones halt shipping in the Strait of Hormuz, U.S. gas prices also reached a level not seen since just after Russia’s Ukraine invasion.
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Oil prices surged to wartime highs on Wednesday, extending a streak of gains. Markets are trying to navigate an uncertain timeline for peace negotiations.
Oil prices surged to their highest level since the beginning of the US-Iran war early Thursday before retreating on the strength of fresh reports that President Trump could soon resume attacking the Islamic Republic.
As the U.S. blockade and Iranian mines and drones halt shipping in the Strait of Hormuz, U.S. gas prices also reached a level not seen since just after Russia’s Ukraine invasion.
Brent crude prices jumped sharply early Thursday. Meanwhile, Hegseth described lawmakers who criticize the war with Iran as “the biggest adversary.” Follow for live updates.
Oil prices hit a 4-year high as Axios reports Trump will hear new options to try to break the Strait of Hormuz standoff with Iran with a new wave of attacks.
