Iran's oil ministry said late Saturday that Israel has struck the Shahran oil depot in western Tehran—one of the capital’s key fuel sites. A second depot in southern Tehran was also hit, it said in a statement.

Although the U.S. is a net oil exporter, higher oil prices could increase inflation and lower economic growth.

Almost a third of the global seaborne oil trade moves through the Strait of Hormuz. Any interruption could send crude prices soaring. Plus, investment newsletter commentary on the job market, small-caps,

Ukrainian President Volodymyr Zelenskyy says rising global oil prices following Israeli strikes on Iran will strengthen Russia by increasing its oil revenues, aiding its war effort in Ukraine

The sweeping attacks by Israel, which began early Friday, have killed more than 70 people, including four of Iran’s top security chiefs, and damaged Iran’s main nuclear site at Natanz. Iran retaliated by launching scores of missiles at Israel. At least three people have been killed and dozens more wounded during these attacks.

A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the consumer-price index by 0.5 percentage points,

Rather, it is geopolitical factors—specifically, escalating tensions in the Middle East—that are unsettling markets and pushing prices higher.

A fire has broken out at a Marathon Oil refinery in Texas City, emergency officials say. The Texas City Office of Emergency Management (OEM) first posted about the fire at 12:25 p.m. The refinery is located on 5th Avenue South east of 25th Street South.