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Global oil prices topped $125 a barrel this week — their highest in almost four years
Oil rose. Prices remain high on increasing concern about the geopolitical situation in the Middle East, said Sky Links Capital Group.
America is the world's leading oil producer. We don't import much oil from the Middle East. Why, then, are gas prices so high?
The buffer that the oil market has relied on following disruptions to exports in the Middle East could start to buckle as soon as early June, according to strategists at J.P. Morgan.
Oil briefly topped $126 on Asian markets on news the United States might resume bombing Iran and the Hormuz Strait closure could continue for months.
Energy prices keep rising with no sign of progress toward a deal to end the U.S.-Iran standoff and Hezbollah rejecting the Lebanon ceasefire.
Brent crude surged to its highest levels since early 2022, before paring gains, as the Middle East conflict chokes supplies.
The pipeline needs additional state and federal environmental approvals before construction, which company officials expect to start next year.