The IEA said Wednesday that its 32 member countries would release 400 million barrels of oil from emergency reserves.

Iran warns oil could hit $200 per barrel as U.S.-Israel strikes escalate, potentially triggering worst energy crisis since 1970s. Gas prices could hit $5.

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.

Analysts expect SLB to report earnings of 60 cents a share on revenue of $8.9bn in the first quarter. More than one-third of the company’s revenue in 2025 came from the Middle East and Asia, the highest share among the geographies it operates in.

ORLANDO, Florida, March 11 (Reuters) - Oil prices rose sharply on Wednesday despite a record release of global crude reserves, stoking inflation fears and lifting two-year Treasury yields to the highest since September.

Oil continued its recent surge Sunday, hitting $100 per barrel for the first time since July 2022 as the ripple effects from the U.S. war on Iran continued to hit global markets.

Oil prices moved higher on Wednesday as markets continue to watch developments in the U.S.-Iran war.

President Donald Trump is preparing to invoke Cold War-era powers to clear the way for renewed oil production off the southern California coast, a long-shot bid to help ease the global crude supply crunch spurred by his war with Iran.