Oil

Hours after agreeing to reopen the Strait of Hormuz, Iran blocked oil tankers from transiting the waterway Wednesday and threatened to destroy any vessel that attempts to pass without permission from the Iranian navy.

Britain hosted a virtual summit Thursday with diplomats from more than 40 nations to discuss reopening the Strait of Hormuz -- a critical oil shipping lane that has been essentially shut down since the U.S.-Israeli war against Iran began on Feb. 28.

Chevron and five of California's largest oil refiners have filed a motion to dismiss a lawsuit alleging they conspired to inflate gas prices across the state, arguing in court filings that the case rests on a "nonsensical" conspiracy theory with no factual grounding.

U.S. markets surged and oil prices cratered Monday after President Trump announced the United States has held direct talks with Iranian officials and is "very intent" on reaching a deal to end hostilities in the Middle East.

The Trump administration invoked the Defense Production Act to order an oil company to restart operations in California.

The United States has signed off to release 172 million oil barrels following the International Energy Agency unanimously agreeing to release 400 million oil barrels.

Members of the International Energy Agency (IEA) agreed to release 400 million barrels of oil, the largest withdrawal on record.

President Trump announced that Texas will be the site of the United States' first new oil refinery in fifty years.

Secretary of the Interior Doug Burgum confirmed on Sunday that the United States received a $100 million gold shipment from Venezuela.

Oil markets are showing signs of stress as Iran has reportedly moved to restrict navigation along the Strait of Hormuz.