Oil futures jump
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Saudis shut down oil pipeline
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The decline snapped multi-day winning streaks for both Brent and WTI crude oil futures.
The international benchmark, Brent crude, breached the symbolic threshold Wednesday after the latest flare-up between the United States and Iran. Gas prices also rose to their highest level since early June.
The International Energy Agency said oil demand will not return to its prewar level of about 106 million b/d until late 2027, leaving the 2026-27 as “essentially a lost
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Refining bottlenecks are emerging as the next big oil problem as Middle East skirmishes flare up
American drivers just paid the highest Labor Day gasoline prices ever. Dwindling global refinery capacity is threatening to push prices higher.
Oil rose in early Asian trade amid an escalation in the U.S.-Iran conflict that could increase supply disruptions in the Middle East.