President Donald Trump said his administration will tap the U.S. Strategic Petroleum Reserve to try to reduce gas prices as the war with Iran continues. (AP)

Iran warns oil could hit $200 per barrel as U.S.-Israel strikes escalate, potentially triggering worst energy crisis since 1970s. Gas prices could hit $5.

The International Energy Agency launched a record release of oil reserves, making 400mn barrels of crude available to the market. Oil settled 4.8 per cent higher at almost $92 a barrel. The US said later on Wednesday it would release 172mn barrels from its strategic reserve as part of the broader effort.

Tehran: Iran has reportedly shipped around 11.7 million barrels of crude oil to China through the Strait of Hormuz since the start of the conflict in the Middle East following joint coordinated strikes on Tehran, reported CNBC. Notably, after the conflict ...

U.S. crude oil refinery inputs averaged 16.2 million barrels per day during the week ending March 6, 2026, which was 328 thousand barrels per day more than the previous week’s average. Refineries operated at 90.

Indian refiners have reportedly purchased approximately 30 million barrels of Russian crude oil following a temporary waiver from the United States, a