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Oil prices surged above $100 per barrel as the critical Strait of Hormuz remains closed due to threats from Iran.

The price of crude oil has sharply spiked as the Strait of Hormuz has been effectively closed as the United States and Israel wage war on Iran.

The global oil market will need to balance by destroying demand through sharply rising oil prices, according to Rapidan Energy.

Oil prices spiked amid on the ongoing U.S.-Israel war with Iran, stoking affordability fears ahead of the November midterm elections.

Lee Jae Myung would "swiftly introduce" a fuel price cap, adding that Seoul will explore ways to diversify its energy import sources ...

"There is no precedent for this. The sky is the limit," said Neil Atkinson, former head of oil at the International Energy Agency.

Russia is reportedly helping Iran target U.S. forces in the Middle East, and could now benefit from a windfall of new oil and gas sales.

Kharg Island serves as the centerpiece for Iran's oil industry, accounting for roughly 90% of the country's crude exports.

The latest Middle East tensions sheds light on how the world's three largest oil consumers have taken different approaches to energy, with global consequences.

Gulf Arab oil producers are cutting production as they run out of storage space because they can't export through the Strait of Hormuz ...