All posts tagged: United States Oil Fund

Houthis claim strikes on two Saudi oil tankers in Red Sea

Houthis claim strikes on two Saudi oil tankers in Red Sea

Published by Sam Flores

Men give a salute while standing over a depiction of the US flag during a demonstration by university students to show their support for the Houthi movement amid escalating tensions with Saudi Arabia, at the Sanaa University campus in Yemen’s Houthi-held capital Sanaa on July 22, 2026. Mohammed Huwais | Afp | Getty Images The Tehran-backed Houthis have claimed attacks on two Saudi Arabian oil tankers in the Red Sea, threatening to open up a new front in the Middle East conflict as the U.S. completed its 12th consecutive night of strikes on Iran. Yemen’s Houthis said Wednesday that they had targeted two Saudi Arabian oil tankers, named Encelia and Layla, with drones and missiles for allegedly violating their maritime blockade. The attack, if confirmed, would mark the first since the militant group announced a naval blockade against Saudi Arabia. The state-run Saudi Press Agency (SPA) confirmed the Encelia was targeted while transiting the Red Sea, resulting in a fire at the bow of the vessel. Citing an unnamed official from the Transport General Authority, …

Iran war energy shock hits U.S. economy, gas and diesel climb: Analysis

Iran war energy shock hits U.S. economy, gas and diesel climb: Analysis

Published by Sam Flores

A person refuels their semitruck at a Pilot Traveler Center in Lockhart, Texas, March 9, 2026. Brandon Bell | Getty Images The U.S. economy is more vulnerable than ever to the problems in energy markets caused by the Iran war. The economy has been remarkably resilient, but the buffers that protected Americans from earlier price spikes are wearing thin.  Bottom line: The war will erode Americans’ standard of living this summer even if the actual fighting stays more contained than during the first phase of the conflict.  From President Donald Trump’s perspective, having kicked off a return to direct conflict with Iran, there is now little he can do to shield Americans from the economic fallout. The White House says the president has been honest with the American people and that prices will fall soon. “As the U.S. military degrades the terrorist Iranian regime’s ability to attack commercial vessels and disrupt the free flow of energy through the Strait of Hormuz, oil and gas prices will plummet back to pre-conflict levels,” Taylor Rogers, a White …

U.S. targets military assets in latest round of strikes against Iran

U.S. targets military assets in latest round of strikes against Iran

Published by Sam Flores

This frame grab taken from AFPTV video footage on July 12, 2026 shows cargo ships anchoring near the Strait of Hormuz off the eastern coast of the United Arab Emirates at Khor Fakkan. AFPTV | Getty Images The U.S. has completed its strikes against Iranian military targets for a third consecutive night, while Tehran hit two Emirati oil tankers in the Strait of Hormuz and triggered fresh missile alerts in Bahrain. U.S. Central Command said it has completed the latest wave of strikes against Iran. The five-hour mission struck military targets across Iran and further degraded Iran’s ability to attack commercial shipping, Centcom said in a statement. The U.S. forces attacked Iranian coastal defense systems, missile and drone sites, and maritime capabilities. The military action came hours after Trump ordered to reinstate a blockade on Iran in the strait Tuesday at 4 p.m. ET, and floated a 20% toll charge for ships going through the critical energy waterway. Iran retaliated with attacks targeting Gulf countries, including the United Arab Emirates and Bahrain Tuesday morning. The …

Iran behind attack on cargo vessel near Oman in Strait of Hormuz

Iran behind attack on cargo vessel near Oman in Strait of Hormuz

Published by Sam Flores

A view of commercial cargo vessels and crude oil tankers are anchored in the Gulf of Oman, off the coast of Muscat, Oman, on June 21, 2026, as they prepare to transit through the critical Strait of Hormuz. Shady Alassar | Anadolu | Getty Images Iranian Parliament Speaker Mohammad Bagher Ghalibaf speaks at a press conference in Tehran, Iran, Dec. 2, 2025. Shadati | Xinhua News Agency | Getty Images The retort by Mohammad Bagher Ghalibaf came after days of statements by President Donald Trump and Treasury Secretary Scott Bessent that a temporary peace deal that will lead to unfreezing Iranian assets will be a boon to U.S. farmers. The comment came as Trump is facing criticism from some Republican lawmakers over his handling of the war against Iran and the memorandum of understanding. “America falsely claims our unfrozen assets will buy their agriculture. Interesting,” Ghalibaf wrote in a post on X. “The only crop we’re harvesting is what you planted: decades of mistrust,” Ghalibaf wrote. “It’s organic, abundant, and homegrown. But apparently the US …

Trump signals he could send details of Iran deal to Congress

Trump signals he could send details of Iran deal to Congress

Published by Sam Flores

President Donald Trump on Tuesday signaled that he’s open to sending details of the agreement with Iran to members of Congress, as lawmakers from both parties are raising questions, asking to see the accord and saying they should vote on any final deal. Arriving at a bilateral meeting in France with United Arab Emirates President Mohammed bin Zayed Al Nahyan, Trump said he wouldn’t mind sending the memorandum of understanding to Congress for review. He did not indicate when Congress might receive the details. The framework was announced and signed digitally on Sunday and could bring an end to the hostilities between the U.S. and Iran that began in February. “What I would like to do is send it to Congress and say ‘you shouldn’t approve it.’ And they will approve it,” Trump said, apparently joking. He is in Évian-les-Bains, France, for the 2026 G7 summit. Senate Majority Leader John Thune, R-S.D., said at a press conference Tuesday he hadn’t been briefed on the agreement. “I certainly have not yet, although we are requesting that, and …

U.S.-Iran deal: What to know

U.S.-Iran deal: What to know

Published by Sam Flores

Markets are celebrating a preliminary U.S.-Iran agreement intended to end their war that triggered a global economic downturn and lasted nearly four months. Stocks surged on Monday, as oil prices and bond yields fell. No deal has yet been signed, though the sides have agreed to a “memorandum of understanding” and stood down militarily, and the critical Strait of Hormuz is to be reopened as part of the deal, according to U.S. President Donald Trump. Here is what we know about what’s been agreed and what could happen next. Did Iran sign a peace deal? Iran’s deputy foreign minister, Kazem Gharibabadi, said the text has been finalized and will be signed on Friday in Geneva. He added, “A permanent and immediate end to the war has been declared on all fronts.” Trump also said the U.S. naval blockade of Iran would stand down. The text of the memorandum of understanding has not, as of Monday, been released. What we know is from statements by those involved in the talks. Is the Strait of Hormuz open? …

Iran war settled ‘subject to finalization,’ signing in days

Iran war settled ‘subject to finalization,’ signing in days

Published by Sam Flores

President Donald Trump on Thursday claimed that the U.S. “just made a great settlement of the war with Iran,” subject to the “finalization of documents.” Trump said in the Oval Office that he expects a signing to occur “over the next few days,” repeating similar claims he has made numerous times over the course of the war. The Strait of Hormuz, the vital oil-shipping route that has become a major chokepoint during the war, will be reopened as soon as a deal is signed, Trump said. Earlier, Trump said he canceled an upcoming round of U.S. military strikes against Iran, claiming that talks with the Islamic Republic “have been brought to the highest level of Iranian leadership and approved.” Iranian state media outlet Fars, however, reported on Telegram soon after Trump’s announcement that Tehran has not approved any text for an initial memorandum of understanding with the U.S. In a follow-up Telegram post, Fars characterized Trump’s move as a tactical retreat from his military threats after he failed to add new details to a draft …

Trump keeps saying an Iran deal is close. Markets keep believing it

Trump keeps saying an Iran deal is close. Markets keep believing it

Published by Sam Flores

President Donald Trump speaks during a Cabinet meeting in the Cabinet Room at the White House, in Washington, May 27, 2026. Evan Vucci | Reuters President Donald Trump this week said a sweeping peace deal with Iran could be signed very soon, echoing dozens of similar claims he has made over nearly three months. The latest example may not resonate with the average listener — after all, no deal has emerged following any of Trump’s dozens of claims so far. But despite the lack of follow-through, markets continue to react to the president’s repeated promises. Trump has signaled or stated outright more than 30 times that a deal is nearly at hand, according to a CNBC review of the president’s social media posts and public remarks. Stocks and oil markets, which have squirmed amid a global energy supply shock caused by the war, continue to pay close attention to Trump’s signals about a forthcoming deal, even when they don’t pan out. Meanwhile, more than 100 days into the war, Washington and Tehran seem to be …

‘I don’t care’ if Iran negotiations are over

‘I don’t care’ if Iran negotiations are over

Published by Sam Flores

Asked if he believed it was time to formally end the U.S.-Iran ceasefire that is nominally still in place, Trump said, “Let’s say I knew exactly what you’re asking … and I sort of do. Why would I tell you?” He also said that the U.S.’ NATO allies “should come in and help us out” because they rely on the oil that flows through the Hormuz Strait more than the U.S. does. “We don’t need it, we have a lot of oil,” he said. But when asked if he has reached out to NATO to participate in reopening the strait, Trump said, “They would if I wanted them to, but I’m not sure I want them to.” “We don’t need them. We don’t need NATO. They were very, very weak and very sad, what they said,” Trump said. “They said, ‘We’ll help you as soon as the war is over.’” PRESIDENT TRUMP Hello. EAMON JAVERS Hello, Mr. President. It’s Eamon Javers here with CNBC. How are you, sir?  PRESIDENT TRUMP Hello, Eamon. What’s going on, …

Republicans stare down inflation abyss with midterms fast approaching

Republicans stare down inflation abyss with midterms fast approaching

Published by Sam Flores

Rep. Brian Fitzpatrick, R-Pa., talks with a reporter in the U.S. Capitol’s Statuary Hall on Friday, March 27, 2026. Tom Williams | CQ-Roll Call, Inc. | Getty Images Republicans have said for months that inflation is former President Joe Biden’s problem. Now, they’re staring down the barrel of an inflation crisis of their own making just in time for the midterm election, and the blame game is just getting started. Inflation ticked up to 3.8% year-over-year in April, the highest mark since 2023. Much of that spike is coming on the back of soaring energy prices, which have persisted since President Donald Trump launched a war in Iran. Trump and congressional Republicans swept into power in 2024 by promising to defeat the inflation that dogged Biden’s presidency. But they now risk getting trounced in the 2026 midterm election due to their own inflation crisis, and they are struggling to find a clear message to battle high prices as the president pushes for a $400 million White House ballroom and a $1.8 billion taxpayer-funded legal relief …