Stocks got a lift after the price for a barrel of Brent crude oil fell 5.4%, to $82.61, back to where it was in early March.
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A deal to end the war with Iran could reopen the Strait of Hormuz and allow oil tankers to carry crude again from the Persian Gulf to customers worldwide.
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Analysts are forecasting continued strength in demand for computer memory, and Micron Technology’s stock price has already more than tripled so far this year.
The stalled diplomacy and recent exchanges of fire could tip the Middle East back into open warfare and prolong the worldwide energy crisis sparked by the conflict.
Oil dropped as President Donald Trump said the Strait of Hormuz could be “OPEN TO ALL” if Iran accepts a reported agreement that the U.S. president did not detail.
Petrochemicals derived from oil and natural gas go into making more than 6,000 consumer products, according to the U.S. Department of Energy.
The next moves for oil prices will depend on how many oil tankers can start exiting the Strait of Hormuz and how easy their passage is.
Trump has issued such deadlines before but extended them when mediators have claimed progress toward ending the war.
A cautious relief swept through financial markets Monday after President Donald Trump said the United States has talked with Iran about a possible end to their war.
President Donald Trump previously downplayed the importance of using reserve oil, but confirmed earlier Wednesday that his administration would “reduce it a little bit” and then fill it back up.
The organization said it will make 400 million barrels of oil available from its members’ emergency reserves in a bid to counter the effects on energy markets of the war in the Middle East.
Even if oil price increases are short-lived, it will almost certainly delay any interest-rate cut by the Federal Reserve, which meets next week.
Oil prices rebounded from nearly $120 per barrel, their highest since 2022, back below $90 on Monday.
Uncertainty about the war has sent prices in financial markets careening up and down hour by hour this week, with most taking their cues from what the price of oil is doing.
Oil prices rose sharply Monday as disruptions to tanker traffic through the Strait of Hormuz raised uncertainty about how U.S. and Israeli attacks on Iran would affect supply to the world economy.
President Donald Trump said he plans to ask American companies to take over Venezuela’s oil industry after capturing President Nicolás Maduro in a raid.
The new fee is intended to encourage industry to adopt best practices that reduce emissions of methane—the primary component of natural gas—and thereby avoid paying.
The Chevron-Hess deal comes less than two weeks after Exxon Mobil said that it would acquire Pioneer Natural Resources for about $60 billion.
It’s a rare feat for an established company to nearly double its revenue in one year—from $1.3 billion in 2021 to nearly $2.2 billion in 2022. That revenue ranked the company as Indiana’s sixth largest private company, according to IBJ research.
The Saudi cut of 1 million barrels per day, to start in July, comes as the other OPEC+ producers agreed to extend earlier production cuts through next year.
Less oil flowing to refineries should mean higher gasoline prices for drivers and could boost the inflation hitting the United States and Europe.
The cuts total up to 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.
