Trump officials say the oil-market disruption is temporary, but Chevron’s Mike Wirth and others warn global supplies are running low, with no respite in sight

California diesel prices average $7.91 a gallon, with several stations charging over $9 and some pump displays hitting their $9.999 limit, GasBuddy reports.

Analysts warn the escalating Iran war could deepen global fuel shortages, push diesel prices higher and intensify inflation as energy supplies dwindle.

Dan Pickering expects the Iran conflict to outlast U.S. midterms, keeping oil prices elevated amid China’s return and risks to Saudi oil supplies.

Relentlessly rising fuel costs are feeding inflation and threatening Republican reelection chances.

Chevron and SLB have signed major Venezuela oil deals, but political uncertainty and financial risks are keeping smaller Houston firms on the sidelines.

The oil outlook has shifted from potential surplus to sustained tightness—and Dan Pickering does not expect a quick return to the market that existed before the fighting in Iran began earlier this year.

US maritime patrols are shifting control of the Strait of Hormuz, as vessels increasingly use the Omani route despite continued threats from Iran.

Iran’s proposed Strait of Hormuz fee system could generate billions annually, reshape Gulf security, and permanently alter global energy markets.

We are enthusiastic dip buyers, while refusing to be rally sellers.

Oil and gas companies are expected to report enormous profit growth as the war in Iran drives energy prices higher, but their stocks continue to underperform because investors question whether those gains will last. Political sensitivity and uncertainty around oil prices may also make companies reluctant to immediately increase dividends or stock buybacks.