Brent futures spiked 23.38% to $114.30, while U.S. West Texas Intermediate crude futures rose 26.35% to $114.85.

The oil market is worried that Gulf countries will have to shut production if tankers are unable to pass through the Strait ...

Shortly after the surge, U.S. President Donald Trump said on Truth Social that "short term oil prices" are "a very small price to pay".

CNBC’s Morgan Brennan reports on the news affecting markets.

CNBC’s Morgan Brennan reports on the news affecting markets.

Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data also provided by ...

CNBC’s Dominic Chu reports on the news affecting markets.

CNBC’s Morgan Brennan reports on the news affecting markets.

Oil futures on Monday jumped by over 8%, with West Texas Intermediate futures and Brent trading at $72.52 and $79.04 per barrel respectively.

Stocks rose on Wednesday, building on the momentum seen late in the previous session, as the surge in oil prices pulled back following developments in the U.S.-Israeli war on Iran and fears about a U.

Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Data also provided by ...