United States Oil Fund (USO)

In a post on X on Friday, Wolfers made the statement based on the futures market, adding that oil prices were unlikely to fall anytime soon.

The economist said that projections of oil rising to $150 per barrel are low if the Middle East war drags on.

According to a report from Sky News, Bessent said in an interview on Thursday that the military escort would likely include an international coalition.

16% pointed at oil and gas companies, 13% blamed global market forces and 11% cited former President Biden for gasoline price rise.

Brent crude futures expiring in May surged more than 10% to $101.53 before losing some steam to hover around $101 a barrel.

Goldman warned that the spike in crude oil prices due to the disruption in oil flow through the Strait of Hormuz is now the primary channel of economic risk to the U.S.

Mojtaba Khamenei also called for national unity amid an intensifying war with the U.S. and Israel.

In a post on X, Arthur Hayes noted that Bitcoin has gained 7% since the U.S.-Iran war started in February, while gold prices have fallen 2% and the Nasdaq 100 is down 0.5%.

At the time of writing, Brent crude futures expiring in May surged more than 10% to $101.53 before losing some steam to hover around $98 a barrel.

This comes amid a rise in Iranian attacks on oil tankers in the Middle East and the Strait of Hormuz, including one near Iraq on a tanker owned by the U.S.

Bitcoin’s price fell below $70,000 after oil prices surged higher towards $100 despite the IEA announcing the release of a record 400 million barrels of oil from its emergency reserves.

U.S. equity ETFs tracking Dow Jones, the S&P 500, and Nasdaq-100 plummeted in overnight trade.

Carlyle’s Jeff Currie said reserve flows may add only about 2 million barrels per day, compared with disruptions of nearly 18 million barrels per day.

The IEA coordinated a 400 million-barrel global release and the U.S. announced plans to release 172 million barrels from the Strategic Petroleum Reserve.

The U.S. Department of Energy said in a statement on Wednesday that the release is expected to take about 120 days based on planned discharge rates.

Bloomberg reported that U.S. President Donald Trump said on Wednesday to a local television station in Cincinnati that he will “reduce it a little bit” for now to bring down oil prices and then fill it up again.

The market is trying its best to climb, but oil's blazing instead. The top story today is Oracle absolutely ripping 10% after crushing earnings The other story today is Nebius Group exploding after announcing a massive strategic partnership with Nvidia. The deal includes a $2 billion investment from Nvidia Right behind it, Navitas Semiconductor is ripping 20%

President Trump on Tuesday said that the investment from India’s Reliance Industries will help American Refining Group open its first oil refinery in the area in 50 years.

In a post on Truth Social, the president said that while the U.S. does not have any reports of Iran placing such mines, they would have to be removed immediately.

Mohamed El-Erian, Egyptian-American economist and Chief Economic Advisor at Allianz, said on Tuesday in a post on X that he expected the turbulence to persist.

Hegseth did not rule out the possibility of U.S. boots on the ground in Iran, while acknowledging that there could be additional American casualties.

During an interview with CNBC, Iran’s Ministry of Foreign Affairs spokesperson Esmail Baghaei stated that the country was defending itself.

Crude whipsawed as Brent and WTI surged on supply fears before reversing after Trump’s remarks and talk of strategic reserve releases.

U.S. West Texas Intermediate futures expiring in April soared to a new 52-week high of $119.43 a barrel before cooling down slightly to hover at $95.53 at the time of writing.

Iran warned of surging prices as oil rose past $100 for the first time since June 2022, after an escalation over the weekend saw both sides reportedly target critical energy infrastructure.