Why the Strait of Hormuz is critical for global oil supplies – CBS News Watch CBS News The intensifying conflict in the Middle East is raising new concerns about its potential impact on the oil and gas industry. Much of the focus is on whether Iran will close the Strait of Hormuz, a critical waterway … Read more
Oil prices drop after Iran attacks U.S. base in Qatar – CBS News Watch CBS News Oil investors backed off Monday after seeing Iran’s retaliatory response to U.S. strikes on some of its nuclear facilities, with oil prices dropping 9% since Sunday. CBS News MoneyWatch correspondent Kelly O’Grady has the latest. Be the first to … Read more
The U.S. military strikes in Iran are raising questions about the impact on the oil and gas industry, including whether the widening conflict could result in higher energy prices for Americans. Oil prices jumped 4% on Sunday night shortly after the start of trading, but retreated as experts speculated that Iran is unlikely to close … Read more