U.S. forces boarded a sanctioned oil tanker in the Indian Ocean overnight Tuesday, seizing the vessel as part of ongoing efforts to cut off Iran's illicit crude oil exports amid a ceasefire that expires Wednesday.
President Trump broke publicly Monday with his Energy Secretary over when Americans can expect relief at the gas pump, telling reporters Chris Wright is "totally wrong" after Wright predicted prices might not come down until 2027.
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.
