ExxonMobil and Chevron, America’s two largest oil companies, both reported a sharp drop in profit for the first three months of this year. But much bigger profits likely lay ahead because of rising oil prices during the war with Iran.

Oil prices have soared on the risk of escalation and then plunged on hopes for peace before repeating the cycle.

European nations imposed temporary taxes in the 2022 energy shock when Russia invaded Ukraine, but whether they can effectively help households is up for debate.

Goldman Sachs just hinted that it expects oil prices to be higher for longer; most investors should try to sidestep commodity risk.

Brent crude surged past $126 a barrel early Thursday, while U.S. gasoline prices jumped to $4.30 a gallon.

The price of Brent crude, the international benchmark, dipped more than 2 percent, while the average price of gasoline across the United States bumped up by 9 cents overnight.

By Feras Dalatey BANIYAS, Syria, May 1 (Reuters) - Russia has emerged as the main supplier of oil to Syria, Reuters reporting shows, despite the new government's alignment with the West and widespread distrust of Moscow over its military support for fallen leader Bashar al-Assad.

America is the world's leading oil producer. We don't import much oil from the Middle East. Why, then, are gas prices so high?

The pipeline needs additional state and federal environmental approvals before construction, which company officials expect to start next year.

Oil briefly topped $126 on Asian markets on news the United States might resume bombing Iran and the Hormuz Strait closure could continue for months.