Chevron says Venezuelan oil imports are helping curb U.S. gas prices
Venezuelan oil shipped to the U.S. is providing relief from higher prices caused by the Iran war, according to a senior Chevron executive.
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Venezuelan oil shipped to the U.S. is providing relief from higher prices caused by the Iran war, according to a senior Chevron executive.
Despite start of military operations to intercept ships region, investors still expect U.S. and Iran to find an off-ramp.
President Trump's deadline for Iran to reach a deal to end the war or face punishing strikes on its bridges and power plants is less than 24 hours away.
President Trump hailed the rescue of a U.S. airman who was missing almost two days inside Iran — and threatened to hit power plants if Iran doesn't reopen the Strait of Hormuz.
Stocks rebound after sliding in early-day trade, with investors buoyed by reports that Iran and Oman could monitor ship traffic in the Strait of Hormuz.
With gasoline topping $4 a gallon, it now costs almost $145 to fill up a Ford F-150 pickup truck, a new analysis finds.
"The scary scenarios are, unfortunately, extremely plausible" if the critical Persian Gulf waterway stays effectively sealed, economist Paul Krugman said.
The average price of gas across the U.S. last reached $4 after Russia's invasion of Ukraine sent crude oil prices surging.
Energy markets remain volatile as President Trump threatens Iran with an invasion to seize its oil while also suggesting a deal could soon end the war.
Trading in crude oil futures spiked only minutes before President Trump postponed an ultimatum on Iran, causing oil prices to drop and stocks to surge.
As Iran threatens to mine the entire Persian Gulf, President Trump said his deadline for the Strait of Hormuz to reopen is postponed amid negotiations with Tehran.
The president threatened to "obliterate" Iranian power plants if Iran didn't reopen the Strait of Hormuz by late Monday night Eastern Daylight Time.
As Iran retaliates for an Israeli strike on the South Pars gas field, one analyst warns the war is "now hitting the plumbing of the global energy system."
A barrel of Brent crude topped $111, while the U.S. benchmark also rose as the Iran war intensifies.
"If the price of oil goes up, the price of everything goes up," said former U.S. Energy Secretary Ernest Moniz.
The Iran war could escalate further as President Trump threatens to hit key oil infrastructure if Tehran doesn't drop its chokehold on the Strait of Hormuz.
Even if oil prices ease, they won't return to the levels they were at before the war started, according to Patrick De Haan of GasBuddy.
U.S. Energy Secretary Chris Wright invoked the Defense Production Act to restore the Sable Offshore Corp.'s Santa Ynez unit and pipeline off Santa Barbara's coastline.
President Trump ordered the release of 172 million barrels of oil from the U.S.'s Strategic Petroleum Reserve on Wednesday, after oil prices rocketed to their highest levels in years amid the U.S.'s war with Iran.
The Strategic Petroleum Reserve is designed to cushion disruptions to U.S. oil supplies during emergencies.
Relations between the two countries were cut off in 2019, during the first Trump administration.
Americans are now paying an average of $3.246 per gallon, up 26 cents since last week and the highest level since April 2025.
U.S. motorists could soon see higher prices at the pump as oil prices surge following the attacks in Iran.
Officials say a large fire at a Chevron refinery in El Segundo, in Los Angeles County, has been contained and there are no reports of injuries.
California Gov. Gavin Newsom signed a sweeping package of bills on Friday charting the state's continuing transition to green energy, which includes an extension of the state's landmark cap-and-trade program.
