Oil Markets Are Betting on a Swift End to the Iran War. Investors May Regret It
Oil futures continue to price a swift end to the Iran‑Israel conflict, yet analysts warn that price volatility will likely persist. Brent crude rose to $96.29 per barrel and U.S. WTI rebounded above $90 after fresh missile exchanges. Experts cite a lingering risk premium and constrained traffic through the Strait of Hormuz, making a return to pre‑conflict $60‑70 levels improbable without a definitive cease‑fire. Investors who bet on a rapid de‑escalation may find the market’s trajectory disappointing.
Oil Market Could Enter ‘Red Zone’ by July as Stocks Dwindle Ahead of Summer Travel Season, IEA Chief Says
IEA Executive Director Fatih Birol warned that global oil markets could slip into a “red zone” as early as July if current supply constraints persist. He cited the ongoing closure of the Strait of Hormuz, which carries about 20% of...
Cuba Condemns U.S. Sanctions, Accuses Washington of Building ‘Fraudulent Case’ for Military Action
Cuban President Miguel Díaz‑Canel denounced a new wave of U.S. sanctions as immoral, illegal and criminal, while accusing Washington of fabricating a pretext for military action. The United States imposed sanctions on 11 Cuban officials and its intelligence agency, intensifying an...
China Will Work Behind the Scenes to Help Reopen the Strait of Hormuz, Bessent Says
U.S. Treasury Secretary Scott Bessent said China will use its influence over Iran to help reopen the Strait of Hormuz, which has been blockaded since early March. The closure has halted about 20% of global crude oil flows, creating the...
Oil Price Spike Turmoil Far From over, IEA Says as Inventories Are Depleted at “Record Pace"
The International Energy Agency warned that oil market turmoil will persist as inventories shrink at a record pace following the February war in the Middle East. Global supply fell an additional 1.8 million barrels per day in April, bringing cumulative losses...
Modi Says Iran War Poses Severe Risks to India, Urges Cuts in Fuel Use and Gold Purchases
Prime Minister Narendra Modi warned that the Iran‑Israel war is creating a severe energy shock for India and urged citizens to curb fuel consumption, limit overseas travel, and pause gold purchases. India imports roughly 85% of its energy needs, with...
CNBC's UK Exchange Newsletter: It's Not the 1970s, but the Oil Shock Is Still Biting Hard
Rising oil and gas prices have pushed UK consumer price inflation to 3.3% and sparked concerns of a second‑round wage surge that could force the Bank of England to tighten policy. Electricity prices remain the highest among major economies, averaging...
Hegseth Says 'the Ceasefire Is Not Over' After U.S., Iran Exchange Fire
U.S. Defense Secretary Pete Hegseth affirmed that the fragile cease‑fire with Iran, which began on April 7, remains in effect despite recent Iranian attacks. The aggression followed the launch of “Project Freedom,” a Trump‑announced operation to escort commercial vessels out of...
Trump Admin. Faces Critical 60-Day Iran War Deadline, but Floats Ceasefire Loophole
President Donald Trump faces a May 1 deadline under the 1973 War Powers Resolution that requires U.S. forces to withdraw 60 days after notifying Congress of the Iran campaign. Defense Secretary Pete Hegseth argued that the ceasefire announced on April 7 could...
California Gas Prices Hit $6 per Gallon as Fuel Costs Jump Nearly 30 Cents in a Week Across the U.S.
California gasoline prices surged to $6.01 per gallon, the highest level since October 2023 and a 30% jump since the U.S. and Israel entered the war against Iran in late February. Nationwide, the average pump price rose to $4.30 per gallon,...
Trump Says It's 'Great' That UAE Pulled Out of OPEC
President Donald Trump praised the United Arab Emirates’ decision to leave OPEC, calling it "great" and suggesting it will help lower global energy prices. The UAE, the cartel’s third‑largest producer, announced its exit effective May 1 amid escalating missile attacks from...
Asia-Pacific Markets Trade Mixed After OPEC Shock, Tech Jitters Drag Wall Street Lower
Asian markets showed mixed performance on Wednesday as the United Arab Emirates announced its exit from OPEC on May 1, a move that rattled oil‑price expectations. In South Korea, the Kospi rose 0.75% to 6,690.9, while Australia’s ASX 200 slipped 0.27% to...
Iran War, U.S. Court’s Tariff Ruling Delays India Trade Deal — but a Bigger Risk Lies Ahead
The India‑U.S. trade agreement remains unsigned, with negotiations stalled by the Iran war and a recent U.S. court ruling that upheld a 10% baseline tariff for all partners. India faces a June deadline for the Section 301 investigation, after which higher...
Trump Says Americans Should Expect Higher Gas Prices for 'a Little While'
President Donald Trump warned that U.S. drivers will face higher gasoline prices for "a little while" as the Iran‑Israel conflict drags on, though he downplayed the impact on stocks and oil markets. Brent crude rose to $105 per barrel and...
Americans Cut Spending Due to Higher Gas Prices and See No Relief in Sight, CNBC Survey Finds
A CNBC All‑America Economic Survey of 1,000 adults shows roughly 80% have altered their spending because gas prices have jumped over 30% to more than $4 per gallon since the U.S. and Israel attacked Iran. More than half expect the...