WTI oil futures edged up 0.1% to $96.32 a barrel, while Brent crude gains 3.8% to $107.38 a barrel, after strikes hit Iranian energy infrastructure.

The Trump administration "remains committed to continuing to strengthen our critical supply chains" amid the Iran war, press secretary Karoline Leavitt said.

Oil prices jumped Wednesday despite the Trump administration announcing it will issue a temporary waiver on a law known as the Jones Act.

The White House said Trump would waive, for 60 days, Jones Act requirements for goods shipped between U.S. ports to be moved on U.S.-flagged vessels.

Oil and natural gas prices spiked Wednesday following reports of the first attacks on Iranian production facilities in the war, including the world’s biggest natural gas field. The incidents mark a major escalation in the conflict,

If you want to buy a cargo of oil in Asia or jet fuel in ​Europe right now, you may have to pay a record price for it.

Treasury Secretary Scott Bessent said the U.S. may lift sanctions on Iranian oil already at sea in the coming days, to relieve pressure from rising prices due to the war in the Middle East. The move would free up about 140 million barrels of oil,

At 9:15 a.m. Eastern Time today, the price of oil sits at $108.78 per barrel, using Brent as the benchmark (we’ll explain what that means shortly). That’s an increase of $5.80 since yesterday morning and roughly $38 more than at this time last year.

The U.S. may soon remove sanctions on Iranian oil stranded on tankers at sea, Treasury Secretary Scott Bessent said on Thursday as Washington seeks to curb prices soaring over Iran's closure of the Strait of Hormuz.