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Five U.S. Air Force refueling planes were damaged in an Iranian missile strike at Prince Sultan air base in Saudi Arabia. Although the planes sustained damage, they were not fully destroyed and are currently being repaired. No casualties were reported. The incident was reported by the Wall Street Journal.

Global energy markets are bracing for a potential supply shock after Iran’s new Supreme Leader vowed to keep the Strait of Hormuz closed while attacks on commercial ships intensified across the Persian Gulf. In his first public comments since taking power, Iran’s newly appointed Supreme Leader Mojtaba Khamenei issued a stark warning about the future of the conflict and the strategic importance of the Strait of Hormuz.Khamenei said Thursday that the maritime corridor must remain closed as leverage against Iran’s enemies.“The closure of the Strait of Hormuz should continue as a tool to pressure the enemy,” he said in televised...

Iran has begun laying mines in the Strait of Hormuz, the Persian Gulf channel that carries 20 percent of the world’s oil, according to U.S. officials, an effort that could further complicate American efforts to restart shipping there. While the U.S. military said it had destroyed larger Iranian naval vessels that could be used to quickly lay mines in the strait, Iran began using smaller boats for the operation on Thursday, according to a U.S. official briefed on the intelligence.

President Trump said Thursday that there is an upside to rising oil prices as a result of the war against Iran — the U.S. will make money as a major producer. Mr. Trump, posting on Truth Social, was responding to oil prices that flirted with $100 per barrel as Tehran clamped down on tanker traffic through the Strait of Hormuz, where about 20% of the world’s oil supply transits. “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” Mr. Trump posted. Mr. Trump weighed...

President Trump said Thursday there is an upside to rising oil prices as a result of the war against Iran — the U.S. will make money as a major producer. Mr. Trump, posting on Truth Social, was responding to oil prices that flirted with $100 per barrel as Tehran clamped down on tanker traffic through the Strait of Hormuz, where about 20% of the world’s oil supply transits. “The United States is the largest Oil Producer in the World, by far, so when oil prices go up, we make a lot of money,” Mr. Trump posted. Mr. Trump’s post on...

The U.S. Navy has refused near-daily requests from the shipping industry for military escorts through the Strait of Hormuz since ​the start of the war on Iran, saying the risk of attacks is too high for now, according to sources familiar with the matter. The ‌Navy's assessments spell continued disruption to Middle East oil exports. The U.S. Navy has held regular ⁠briefings with shipping and oil industry counterparts and has said during those briefings it is unable to provide escorts for the time being, three shipping industry sources familiar with ​the matter said. The sources, who declined to be identified...

President Trump signaled on Wednesday that he plans to tap into the US Strategic Petroleum Reserve in an effort to bring down rising gas prices. “I filled it up once, and I’ll fill it up again, but right now, we’ll reduce it a little bit, and that brings the prices down,” Trump said during an interview with Local 12 in Kentucky. The president shrugged off rising gas prices as a “matter of war” earlier in the day and expressed confidence the market would settle soon. I figured we’d be hit a little bit. We were hit less than I thought...

Three cargo ships have been hit by projectiles in the Strait of Hormuz. The Thailand-flagged bulk carrier Mayuree Naree was struck and set on fire 11 nautical miles north of Oman, the United Kingdom Maritime Trade Operations said. Oman’s navy rescued 20 crew members who evacuated the ship in a lifeboat on Wednesday morning, while three remain missing. A second ship, the Marshall Islands-flagged bulk carrier Star Gwyneth, was hit by a projectile 50 miles north-west of Dubai. The vessel suffered hull damage but all crew members are safe. A third vessel, a Japan-flagged container ship, sustained minor damage near...

President Trump said Sunday that increasing prices of oil are “a very small price to pay” for “safety and peace” amid the U.S. conflict with Iran. “Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and World, Safety and Peace,” Trump said in a Sunday evening Truth Social post. “ONLY FOOLS WOULD THINK DIFFERENTLY!” he added. The U.S. conflict in Iran caused a recent surge in domestic oil and gas prices, with the U.S. national average for a gallon of regular gasoline...

Last | 6:25 PM EDT $108.17 up+$17.27 (+19.00%)

Iran has threatened to attack any oil tanker passing through the Strait of Hormuz, through which 20% of the world’s oil transits. US oil futures rose 18% to about $108 a barrel, their highest level since July 19, 2022. Brent futures, the global benchmark, increased 16%, near $108 a barrel. Surging oil prices have weighed heavily on stocks in recent days, as traders fear that a prolonged spike in fuel prices could lead to another spike in inflation and hurt the economy. Dow futures dropped more than 800 points, or 1.7%. S&P 500 and Nasdaq futures fell 1.6%. Triggered by...

Global oil prices could breach the $100 (£74) a barrel mark within days, and reach $150 a barrel by the end of the month, without a solution ​to the severe disruption in crude flows through the strait ‌of Hormuz, Goldman Sachs has warned. Oil exports via the vital trade route linking the world’s biggest oil producers to buyers in the global market have fallen further than the US investment bank had initially expected after the US-Israeli attack on Iran a little over a week ago. Goldman Sachs had anticipated that flows of crude through the strait would fall to 15%...

The largest increases in gas prices were reported in these states: Indiana — $3.448 (+64.0¢) Ohio — $3.399 (+62.6¢) West Virginia — $3.375 (+55.1¢) Florida — $3.407 (+53.7¢) Texas — $3.094 (+53.2¢) Colorado — $3.357 (+52.9¢) Iowa — $3.159 (+52.5¢) New Mexico — $3.247 (+52.1¢) Maryland — $3.456 (+51.6¢) Oklahoma — $2.922 (+50.8¢) Even considering these recent increases, California drivers are still facing the highest gas prices in the country, at $5.048 per gallon of regular gas. Washington and Nevada followed with a price of $4.557 and $4.119, respectively.

The nationwide average price for regular gas hit a reported six-month high of $3.60 a gallon on Tuesday, spiking more than 50 percent under President Joe Biden. In the past month, gas prices rose more than 20 cents. They are over a dollar more expensive ($2.38) than when Trump left office. Gas prices remain high and could go higher due to industry and political factors. Biden’s economic war on American energy independence during instability in the Middle East and in Ukraine are significant factors.

U.S. gasoline prices are headed higher in the nation’s corn belt, and could rise by as much as $1 per gallon at some gas stations, the head of petroleum analysis at GasBuddy warned on Thursday. GasBuddy’s Patric DeHaan implored the EPA to issue fuel waivers ASAP, as the wholesale price of gasoline spikes in Oklahoma, Missouri, South Dakota, North Dakota, Nebraska, Montana, and Kansas. “ALERT: #GasPrices will likely rise 25-75c/gal in OK, MO, SD, ND, NE, MN and KS over the next few days. Some stations may go up closer to $1/gal as the wholesale price of gasoline is spiking...

Saudi Arabia, whose relationship with the United States has taken a nosedive during President Joe Biden’s tenure, announced on Sunday it would lead the members of the Organization of the Petroleum Exporting Countries (OPEC), including Russia, to cut over one million barrels of output a day starting next month, which could cause higher U.S. inflation. Saudi Arabia also stated it would cut production by another 500,000 barrels a day starting in May. Oil prices soared 7.5% at the week’s open after the Saudi announcement. Kevin Book, managing director of Clearview Energy Partners, told CBS News the cuts could cause U.S....

While the Biden administration is hoping and praying that someone – anyone – will watch the comical “Jan 6” kangaroo hearsay court taking place in Congress and meant to somehow block Trump from running for president in 2024 while also making hundreds of millions of Americans forget that the current administration could very well be the worst in US history, it is quietly preparing for the worst. As none other than pro-Biden propaganda spinmaster CNN reports, when it comes to what really matters (at least according to Gallup), namely the economy, and specifically galloping gasoline prices, the White House is...

The following is adapted from the author’s June 14, 2022, testimony before the Pennsylvania House Majority Policy Committee. The story on food prices keeps getting worse. Food prices in May 2022 were a whopping 10.1% higher than prices in May 2021. The size of these food price increases have not been seen in over 40 years and are occurring across food categories, from fresh fruits (8.5%) to fish and seafood (12.2%). Over the past nine months, each month’s year-over-year food price increase has been above 4%, with each successive month higher than the previous—starting at 4.6% in September and reaching...

The EPA is considering a new label for parts of the Permian Basin that could deter or slow oil and gas drilling in certain parts of the prolific Permian Basin. According to a regulatory notice, the EPA could label parts of the Permian Basin as violating federal air quality standards for ozone. If the EPA does indeed label parts as violating the standards, state regulators would need to find a way to clean up the air quality—and they would have three years to come up with a plan to do that. Their plans could include keeping new industrial facilities from...

...It’s easy to look at the gas pump right now and think that station owners are taking you for a ride. But the business model of gas stations is a bit counterintuitive. Most gas stations barely turn a profit on their core product — and when the price of oil goes up they may even take a loss on it. Battling small margins, cutthroat competition, and the looming threat of electric vehicles, many gas stations are more reliant than ever on secondary revenue streams.... The profit pipeline Gasoline begins its journey as crude oil, largely sourced on home soil in...