U.S. stock futures point to a modestly lower Wednesday morning open on Wall Street ahead of what the markets in the afternoon expect to be the Fed's second interest rate cut this year.
The U.S. doesn't want war but Iran seems inclined to "test the Trump administration," says Gerald Feierstein, a former U.S. Ambassador to Yemen.
"We have a lot of export facilities ... so those things could be somewhat vulnerable, but thank goodness for the security we have in the U.S.," says the Continental Resources founder.
"In the old days, the averages would've plunged on this kind of oil shock. I know because I've lived through a bunch of them, starting in 1973," Jim Cramer says.
Shares of defense companies rise after the United States military is put on alert by President Trump.
Perry says it's too soon to say whether the U.S. will need to use its emergency crude reserves to offset the surge in oil prices.
The U.S. faces less oil shortage risk after weekend strikes on Saudi facilities because America has been aggressively developing its own domestic resources in recent years, says Yergin.
U.S. stock futures are under pressure Monday as oil prices spike after Saturday's coordinated strikes on key Saudi oil interests.
Saudi Aramco has 35-40 days of supply to meet contractual obligations, a source close to the matter told CNBC.
The report, which also included input from the Department of Foreign Affairs, recommended keeping the findings secret to avoid disrupting trade relations with Beijing, two of the people said.