MicroStrategy Chairman Michael Saylor is having a huge week, given the massive three-day rally in his company’s stock and the price of bitcoin.
Protestors are taking issue with the government’s response to the spike in fuel prices since the onset of the Iran war.
Energy analysts warn that the Iran ceasefire is not likely to alleviate acute signs of stress in the physical oil market.
U.S. President Donald Trump on Thursday warned Iran to “stop now” if it was charging tankers to transit the Strait of Hormuz.
The West Texas Intermediate was up 0.62% at $98.48 per barrel as of 7:50 p.m. ET. Brent crude ended the session at $95.92 per barrel.
The damage to Saudi infrastructure will only compound the disruption to global oil supplies trigged by Iran’s attacks on tankers in the Strait of Hormuz.
Iran effectively closed the Strait of Hormuz during the war with U.S. and Israel, creating an oil supply crunch and sending global energy prices soaring.
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