Iran’s oil exports hinge on a small outpost in the Persian Gulf: Kharg Island, the loading point for almost all of the country’s crude shipments.

Renewed inflation worries, combined with gains in oil prices, have shifted expectations for Federal Reserve policy. Traders have scaled back bets that the central bank will cut in

President Trump is asserting executive authority to demand California restart controversial offshore oil drilling along its coastline amid soaring gas prices during the war with Iran. Gov. Gavin Newsom quickly pledged legal action against the effort.

Iran's relentless attacks on Gulf states and infrastructure appear to be overshadowing interventions by the U.S. and its allies aimed at easing energy prices.

The IEA agreed Wednesday to release a record 400 million barrels of oil, and the U.S. would tap 172 million barrels from its Strategic Petroleum Reserve.

After surging about 10 percent on Thursday, oil prices had little reaction to the decision by President Trump to waive sanctions on the sale of some Russian crude.

Oil prices crossed $100 per barrel for the second time since the war began as Trump vowed to strike Iran "very hard" and the US loosened sanctions on Russian oil.