Oil prices plunge
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Oil, Middle East
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Iran, Oil
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A now-deleted post from Energy Secretary Chris Wright whipsawed crude for the second-straight session.
In addition to the human toll, at risk are multibillion-dollar oil and gas facilities owned by Houston giants such as Exxon, Chevron, Occidental Petroleum.
Oil prices continue to rise as the Iran conflict escalates, pushing the national gas average above $3.50 per gallon. But prices still vary widely. See how your state compares.
Investors now expect that the Fed will delay a rate cut until September instead of July, as they had before the war in Iran began.
The price of oil surged more than 15% Monday, as the effects of the Iran war hit markets worldwide and stoke fresh worries about inflation.U.S.
Even if oil prices ease, they won't return to the levels they were at before the war started, according to Patrick De Haan of GasBuddy.
West Texas Intermediate fell as much as 12%, following a dramatic session on Monday. International Energy Agency Executive Director Fatih Birol said he has convened an “extraordinary meeting” of the intergovernmental group to assess market conditions Tuesday.