The war with Iran is preventing huge amounts of oil from flowing out of the Persian Gulf, but the prices that many people track don’t fully capture the scale of the disruption.

The oil market’s latest move on Iran should worry drivers.

By Siddharth Cavale NEW YORK, April 10 (Reuters) - Oil futures settled lower on Friday and posted their biggest weekly decline since 2022 ahead of talks between Iran and the U.S. aimed at securing a permanent ceasefire.

Israel's military campaign in Lebanon threatens to unravel the U.S.-Iran ceasefire. U.S. oil prices rose Thursday but pulled back from session highs after Israel agreed to negotiate with Lebanon.

Texas produced nearly half of all U.S. oil last year despite having drilled fewer new oil wells in 2025, a trend that analysts and industry groups said is possible due to the state’s geological makeup,

By Kavya Balaraman and Anjana Anil April 10 (Reuters) - The sharp hit to global oil production from the Iran war is poised to flip the oil market into a supply deficit this year, analysts say, a huge swing in forecasts that erases previous expectations of comfortable oversupply.

The two-week ceasefire deal between U.S. and Iran sent oil prices down, but gas and groceries can still be impacted.

Yes, higher crude oil prices mean a multibillion-dollar cash infusion to the oil industry. But volatility is bad for business, and sustained high prices come with very serious drawbacks.

At 9 a.m. Eastern Time today, oil was priced at $97.78 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article). That’s a gain of $4.02 compared with yesterday morning and around $31 higher than the price one year ago.