Oil futures were on track to settle Wednesday at their highest levels in more than a week, after the EIA reported a sixth straight weekly drop in U.S. commercial crude supplies and another big draw from the nation’s emergency oil reserve.

When oil prices change, it affects your energy costs—and even the price of everyday items. Here’s why.

Even if hostilities with Iran end soon, consumers will probably face more pain at the pump because of depleted oil inventories and reserves around the world, oil executives say.

High oil prices and AI power demand are boosting nuclear, utilities, and renewables. Click here to read my detailed analysis.

Global oil prices tumbled over 20% in May on hopes for the U.S.-Iran peace deal.

Some analysts said the main international oil price, which was up 6 percent on Monday, could climb much higher in the coming weeks if the Strait of Hormuz doesn’t reopen.

Amid hope for peace, TD Securities' Bart Melek says even if a deal were struck today, constrained oil supplies through the Strait of Hormuz will likely keep oil prices elevated for some time

Brent crude and WTI prices were rising on Wednesday after an exchange of fire between American and Iranian forces.