Oil prices rose to their highest level this year on Wednesday, and odds are they’ll climb even higher this summer, according to Bank of America Securities analysts.

Export controls aren’t said to be on the table at the moment, but anxiety is rising as Trump lashes out at industry profits.

Oil futures rose Friday, but finished down on the week. WTI settled up 1.2% at $78.18 a barrel, but down 7.7% for the week. Brent rose 1.3% to $83.55 for a 5% weekly loss.

America’s greatest rival is single-handedly averting a global energy crisis. No one knows how the country is doing it—or why.

U.S. and international crude oil futures skidded to their lowest levels in more than a year after the influential oil producing group cut its 2024 outlook, citing weakness in Chinese demand.

Sound familiar? A pause in fighting between the United States and Iran has given oil traders hope that a diplomatic resolution could restart the flow of oil traffic out of the Middle East.

By Robert Harvey LONDON, Aug 5 (Reuters) - Oil prices rose on Wednesday after Yemen's Iran-aligned Houthi rebels said they attacked a Saudi oil tanker in the Red Sea, denting hopes of a de-escalation in Iran war hostilities that could restore shipping traffic and oil flows in the Middle East.

The world’s biggest oil companies are benefiting from the high commodity prices that have been a drag on the rest of the economy.

Iran and Oman have reached an understanding on the geographic coordinates for a shipping route through the Strait of Hormuz.

By Akin Nazli in Belgrade Oil transit fees due to Turkey amounting to $229mn have gone missing since they were routed through an offshore entity on the British Crown Dependency island of Jersey, Turkish opposition lawmaker Deniz Yavuzyilmaz (@yavuzyilmazd) has claimed.

Oil prices fell sharply on Monday as investors watched the latest back-and-forth in the U.S. war with Iran. Over the weekend, President Trump said he had halted a planned U.S. assault as Iran and allies in the Middle East asked him to pause any new strikes in the war that started five months ago. He said that talks with Iran would begin on Monday.