Energy

Tensions between the United States and Iran escalated rapidly after an American drone was shot down by Iranian forces in the Middle East on Thursday — but experts are not expecting it to lead to an outright military conflict.

A series of explosions early Friday tore through a Philadelphia gasoline refinery, the East Coast’s largest, sending shock waves for miles and raining debris on nearby neighborhoods, just as the busy summer driving season was beginning.

President Donald Trump said he was in “no hurry” to attack Iran, the morning after after he called off missile strikes against the country with 10 minutes to spare.

Oil jumped as much as 6% on Thursday after Iran shot down a U.S. military drone, prompting President Donald Trump to blast Tehran on Twitter and fueling concerns of a conflict between the two countries.

The attacks on a pair of tankers in the Gulf of Oman are likely the work of Iran, according to several analysts.

President Donald Trump said Friday that if Iran were to block the Strait of Hormuz, “it’s not going to be closed for long,” but he did not elaborate on whether the United States had an obligation to keep open the international shipping gateway, which is critical to the oil industry.

How will the attacks on the Gulf of Oman and any possible future attacks affect the price of oil and the global economy? We speak with Kyle Cooper, an analyst Ion Energy, with his assessment.

Oil prices jumped as much as 4% on Thursday following attacks on tanker ships off the coast of Iran, renewing fears of conflict in the Middle East following a series of strikes last month.

How is the ongoing U.S. trade tensions affecting the oil market? John Kilduff, the founding partner at Again Capital, joins us on set with his analysis.

The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.

Oil prices fell 5% on Thursday, extending steep losses in the previous sessions, as the market braced for a prolonged U.S.-China trade war, digested disappointing manufacturing data and processed signs that Middle East tensions are moderating.

Key sectors may be affected by the trade tensions with China. Ylan Mui reports on how the U.S. liquid natural gas exports may feel the consequences with the Chinese tariffs.

The United States sharply tightened energy sanctions against Iran on Thursday, seeking to cut the Islamic Republic’s exports to zero and ushering in a new era of uncertainty for the oil market.

Exxon Mobil reported on Friday that its first-quarter profits fell nearly 50% from a year ago, hit by poor results in its refining and chemicals segments

In the Trump administration’s telling, its decision to cut off Iran’s oil exports in just over a week will have little impact on crude prices. There’s enough supply to meet global demand, officials say, and the administration’s Middle East allies will ride to the rescue if the world does find itself short of fuel.