If the United States buys so little oil from the Persian Gulf, why would a war in the region cause gas prices here to spike?

The Chinese government has given state refiners the green light to tap commercial reserves of oil, according to people ...

Japan has started releasing oil from its reserve to stabilize supply amid the continuing tanker traffic freeze in the Strait of Hormuz. Initially, the government will release 15 days’ worth of oil ...

Iran’s de-facto blockade of the Strait of Hormuz, which carries about one-third of global oil shipments, could significantly disrupt supply and push prices sharply higher. Analysts say oil could rise ...

1517 ET – U.S. crude oil futures settle down 5.3% to $93.50 a barrel. That’s as the world is getting signals that Iran is letting some tankers through the Strait of Hormuz. “India managed to move two ...

1555 ET – Brent crude oil futures rose 8.8% to $112.19 a barrel this week, buoyed in part by a 3.3% uptick seen in these futures Friday. It marks the fifth consecutive week that Brent crude futures ...

Motorists are paying sharply higher fuel prices since the outbreak of the Iran war, despite the U.S. being the world's largest oil producer. Why? After all, as of 2023 (the latest data available), the ...

Aimee Picchi is the associate managing editor for CBS MoneyWatch, where she covers business and personal finance. She previously worked at Bloomberg News and has written for national news outlets ...

Oil prices are notoriously volatile. Before you buy oil stocks because of rising oil prices, make sure you consider the downside risk. Oil prices have risen sharply amid escalating geopolitical ...

Chevron expected to generate $12.5 billion of additional free cash flow this year at $70 oil. ConocoPhillips anticipated producing an additional $1 billion of free cash flow this year at last year's ...

Israel attacked Iran's largest gas processing facility located in Bushehr Province, according to reports in the Times of Israel and Jerusalem Post. Iran threatened to strike oil facilities in Saudi ...