Richard Mallinson, geopolitical analyst at Energy Aspects, and Peter Hutton, energy analyst at RBC Capital Markets, debate whether Iran could increase oil production as soon as sanctions are lifted next year.» Read More
David Kirsch, market intelligence service manager for PFC Energy, told CNBC’s “Squawk Box” that he expects oil to trade at $65 to $70 a barrel throughout the summer.
Oil stalled on Friday after a nearly two-week rally on tensions over Iran's capture of British military personnel and worries over U.S. gasoline supplies ahead of summer driving season.
U.S. crude oil futures surged as high as $66.50 amid jitters over British navy personnel being held by Iran. Earlier news of the U.S. sending another aircraft carrier to the Gulf region to replace one of two already patrolling the area also helped pull prices higher, traders said.
Saudi Aramco, Exxon Mobil and Sinopec will invest $5 billion in their refinery, petrochemicals and marketing joint venture, much more than originally planned, they said on Friday.
How can you make money on the recent jump in oil prices? Pavel Molchanov, associate analyst with Raymond James, joined CNBC's Erin Burnett on "Street Signs" with three oil plays -- for what he says is no brief spike.
Oil prices surged more than 3% on Thursday as the standoff over British sailors in Iranian custody and U.S. naval actions in the Gulf escalated supply concerns.
As news and rumors of Iranian belligerence boil, trader Ira Eckstein isn't surprised that oil prices swung broadly Thursday. He and Kenneth Timmerman, Middle East Data Project president, told "Power Lunch" viewers what to expect from petroleum -- and from Iran's leaders.
Texas energy investor Boone Pickens told CNBC that the recent spike in oil prices is due more to "fundamentals" than geopolitical tensions with Iran and that "you're going to look at $70 oil pretty quick." The billionaire said the current market is "very tight" because inventories have declined for seven straight weeks.
U.S. crude oil futures ended more than a dollar higher Wednesday as Iran's confrontation with Britain and the West helped lift prices along with a government report showing a surprise draw in U.S. crude inventories.
For a little while this afternoon, the oil pits at the Nymex were in a frenzy. The rumors of Iran firing on a U.S. naval ship were spreading yet no one seemed to be able to verify them. How do the traders get their information - and when they do, how do they separate rumors from fact and trade appropriately?
If Eric Bolling is right, and speculation about tensions with Iran could metastasize and affect all corners of the market, how can investors manage risk and create opportunity?
Late this afternoon, Nymex crude oil futures spiked over $5 to $68 on rumors that Iran had fired on a U.S. naval ship in the Persian Gulf. The U.S. government quickly and flatly denied the rumor, but the mere speculation sent crude prices to their highest level in over six months (prices since came down $4 to settle just above $64.)
The U.S. Navy on Tuesday said it had no information to substantiate a market rumor that Iran had fired at a U.S. naval vessel in the Gulf.
Crude prices closed below $63 a barrel Monday, after setting a record for 2007, on growing tension between Iran and the West over Tehran's nuclear work and its capture last week of British servicemen.
Brian Hicks, president of Wealth Daily, told CNBC’s “Morning Call” that a confrontation with Iran would boost the price of gasoline to $4-to-$5 a gallon at the pump “in a heartbeat.”
An investigating judge filed preliminary charges Thursday against the chief executive of Total in a corruption case linked to a 1997 contract with Iran, the company and judicial officials said.
The chief executive of oil company Total was held for a second day of questioning Thursday in an investigation into the group's activities in Iran, while two other executives were released with no charges filed, the company said.
Stephen Schork, editor of The Schork Report, told CNBC’s “Morning Call” that he expects gasoline prices to decline by summer to a nationwide average of about $2.70 a gallon. He said gasoline supplies always decline at this time of year as refiners build their supply of crude oil to prepare for the summer driving season. The drop in gasoline supplies creates a temporary spike in prices.
CNBC’s Steve Sedgwick reports from Vienna that Iran’s oil minister took a “dovish” stance on production, as a confrontation between the United States and Iran over Tehran’s effort to develop nuclear weapons could create a “supply-side shock” in world oil markets.
The permanent members of the UN Security Council, along with Germany, meet today in London to discuss tougher sanctions on Iran.