The Iran nuclear deal could help stabilize oil prices and even give them a boost, says Nasdaq's Tamar Essner. But here's what has to happen first.» Read More
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.
A rumor of war -- or something more "insidious." Last night, President George W. Bush offered America his formula for energy security, which included doubling the Strategic Petroleum Reserve (SPR) to 1.5 billion barrels of oil by 2027. While some found mediocrity in aspects of the president's plan, two observers see harbingers of danger.
Where there's international tension and headlines, there's sometimes fire...and sometimes not. Traders were quick to jump on rumors of an Iranian naval engagement just before 9 a.m. ET today. The rumor carried some pretty graphic details about a U.S. Navy ship being hit by an Iranian anti-ship missile in the Persian Gulf.