Any disruption to Hormuz is meaningful to airlines. Additionally, summer travel demand and refineries transitioning to summer-blend fuels already create seasonal upward price pressure. The impact of higher fuel prices, however, may take some time to show up in the prices consumers pay.
For many airlines, jet fuel is one of their largest expenses. As a result, popular global carriers such as Qantas, Scandinavian Airlines, and Air New Zealand have increased their airfares this week to help cover costs. While US airlines have not yet announced similar ticket hikes, US flight prices will need to rise by at least 11% to cover the current increase in jet fuel expenses.
Chevron delivered record worldwide production of 4,045 MBOED in 2025, up 12% year-over-year, giving it more barrels to sell into a recovering price environment. Operating cash flow hit $33.9 billion for the full year, covering the $12.8 billion dividend payout by roughly 2.7 times, a cushion that makes a dividend cut look unlikely even in a moderate oil price downturn.
In some countries, we're going to take those sanctions off until this straightens out. Trump told reporters, although he did not clarify which countries might benefit from this potential policy shift. At present, the United States enforces sanctions that restrict oil trade with several nations, including Iran, Venezuela, Russia, Syria, and North Korea.
Petrol and diesel prices have hit their highest in nearly 20 months this week, latest data shows, increasing by between 4.68p and 8.59p per litre since Saturday 28 February, when the US launched strikes on Iran. On average, drivers can now expect 137.51p per litre of unleaded petrol, and 150.97p per litre of diesel, at the pump.
As the fourth-largest oil producer in OPEC (the Organization of the Petroleum Exporting Countries), Iran's instability means oil price instability. The Dow Jones Industrial Average fell nearly 800 points on Thursday as U.S. oil prices surged, according to the Wall Street Journal. Rising oil costs have stoked investor concerns about inflation.
The S&P 500 rose 0.6% in midday trading and is on track to claw back most of its loss since the war with Iran began. The Dow Jones Industrial Average was up 237 points, or 0.5%, as of 11:15 a.m. Eastern time, and the Nasdaq composite was 1.1% higher.
Well, most of the people we had in mind are dead. And now we have another group. They may be dead also based on reports. So I guess you have a third wave coming in pretty soon, we're not going to know anybody.
While the United States is not a major importer of actual food from the Middle East, rising oil prices and a shutdown of natural gas production could have effects on the cost of shipping and producing food that will force Americans to tighten their grocery budgets. Crude oil prices surged on Monday and were up again on Tuesday, seeing more than a 10% jump from last week.
The refinery 'sustained limited damage as a result of debris from the interception of two drones in its vicinity,' Saudi's state news agency said Monday. There was a 'limited' and now-contained fire, with no injuries reported. But 'some operational units at the refinery were shut down as a precautionary measure.'
