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.

On Friday, investors were eager to sell semiconductors shares and it seems the markets have been see-sawing in recent days. Mike Santoli has more for us at the New York Stock Exchange.

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.

Oil prices climb after two oil tankers were attacked in the Gulf of Oman and the Trump administration says Iran is to blame. Hadley Gamble reports from the United Arab Emirates.

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.

Secretary of State Mike Pompeo on Thursday blamed Iran for attacks this morning on oil tankers in the Gulf of Oman near Iran and the Strait of Hormuz, a vital shipping route through which much of the world’s oil passes.

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.

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.

Chevron said Thursday it will not submit a new offer to acquire Anadarko Petroleum, walking away from the deal after Occidental Petroleum pulled ahead in a battle to take control of the driller with prized assets in the top U.S. shale oil field.

Both oil giants ExxonMobile & Chevron posted below estimates in their quarterly reports. Dominic Chu breaks down the numbers for us.