Summer Gas Prices at 4-Year Low as Israel and Iran Agree to Cease-Fire
A fragile cease-fire in the Middle East and an oil supply chain without significant disruptions have helped keep gas prices stable.
A fragile cease-fire in the Middle East and an oil supply chain without significant disruptions have helped keep gas prices stable.
A fragile cease-fire in the Middle East and an oil supply chain without significant disruptions have helped keep gas prices stable.
Fighting has the potential to disrupt oil markets, but a move by Iran to cut off supply would chiefly hurt China, the biggest buyer of Iranian oil.
Saudi Arabia and other oil states are rushing to load tankers in case the Israel-Iran fighting spreads to export installations.
They rose more than 4 percent as traders wondered if the United States would take a more active role in the conflict between Israel and Iran.
Industry experts are examining possible scenarios, including one in which the price of oil doubles this year.
Stock markets rose even as the fighting between the two countries continued into its fourth day.