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Oil prices slid Monday after inventories at the US crude delivery hub jumped last week, adding to demand concerns.
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Crude prices rebounded Friday amid expectations for US sanctions against Iran, which would cut off oil imports from the country, and a rise in global demand.
Oil prices slumped Wednesday after Beijing announced it would retaliate against the Trump administration with a 25% tariff on another $16 billion worth of US products, including crude exports to China.
Oil prices rallied Monday as markets braced for the reimposition of US sanctions against Iran. Other sanctions, including those targeting Iranian crude, will resume in November.
Oil prices slumped Wednesday, extending losses from their worst month in two years, after data showed US crude inventories rose unexpectedly.
Oil prices jumped Monday as reports the Organization of Petroleum Exporting Countries production hit its highest level this year failed to ease mounting supply concerns amid a war of words between the US and Iran.
Trump is reportedly thinking about making a rare move to try and lower gas prices — but history shows it might actually make things worse
As the Trump administration reportedly considers turning to emergency oil reserves, some experts see it as more of a distraction from foreign policy decisions that have been blamed for rising gas prices than a meaningful effort to address supply concerns in the energy market.
Saudi Arabia closed a strategic shipping lane in the Red Sea following an attack on two of its large oil-tankers. Brent crude oil futures rose 0.6% to $74.35 per barrel on Thursday at 6 48 GMT, after a gain of 0.7% on Thursday.
Oil prices jumped Wednesday as data showed a larger-than-expected drop in US crude inventories.