Oil

"The measure is intended to help maintain a continuous, adequate and accessible fuel supply, while allowing limited flexibility for sectors that may be affected," the DOE said.

The Strait of Hormuz is not just another geopolitical flashpoint. It is the artery through which roughly a fifth of the world’s oil supply flows.

The Bazan refinery in Haifa Bay has long been a source of environmental concern. The latest round of Iranian missile fire has now placed those concerns in a wartime context.

"In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury," Bessent said.

For the biggest US carriers, which do not hedge against oil price rises, the shock is showing up mainly in the fuel bill, with jet fuel prices nearly doubling since the conflict began.

Iran’s blockade of the Strait of Hormuz has three levels: the political, the military, and the economic. The political part is the strongest, and the economic part is the weakest.

Trump is considering deploying additional troops to the Middle East, a move that would reinforce operations in the region as the US weighs its options.

Later, after Iran threatened Gulf states with retaliatory strikes, Qatar and Saudi Arabia reportedly intercepted multiple incoming missile barrages targeting oil and industrial sites.

Baghdad has been seeking a deal to move oil through the Kurdistan Region to Turkey, but the Kurds want Iraq to lift the trade embargo it has imposed on the territory.

The Islamic Revolutionary Guard Corps-affiliated Tasnim News Agency corroborated that petrochemical facilities in South Pars were targeted, stating that the extent of damage was not yet clear.