Markets are concerned about Iran's frequent threats to blockade the Strait of Hormuz, just as the US heads into peak summer demand season.

KUALA LUMPUR (Reuters) -The chief executive of top energy trader Vitol expects a slight reduction in U.S. oil production this year due to lower prices, he said on Tuesday.

The Environmental Protection Agency has told staff overseeing the country’s industrialized Midwest– a region plagued by a legacy of pollution– to stop enforcing violations against the fossil fuel companies,

Calm returned to Wall Street, and U.S. stocks rallied, while oil prices gave back some of their initial spurts following Israel’s attack on Iranian nuclear and military targets at the end of last week.

Importantly, this shift in positioning occurred before last Friday’s dramatic escalation in the Middle East, when Israel launched strikes on Iranian nuclear facilities and senior military targets,” said Ole Hansen,

Shell Plc’s former head of oil trading in the US was stiffed on his 2020 bonus by more than $29 million, he claims in a lawsuit that shines a light on compensation inside the oil major’s lucrative trading unit.

Energy prices have jumped since the onset of clashes between Israel and Iran. Investors worry the conflict could have a big economic consequences.

Oil prices have risen in response to the Israel-Iran war, bringing them nearly back to the levels where they traded before the Liberation Day tariffs were announced on April 2. Oil stocks are trailing well behind.