It is unclear who will ultimately govern Iran, the fourth-largest oil producer in OPEC, after U.S.-Israel strikes killed Ayatollah Ali Khamenei.

While Iran's oil production is estimated to be less than 5% of global output — most of which goes to China because of U.S. sanctions — it has major influence over the Strait of Hormuz, a critical passageway for more than 20% of the world's daily oil demand.

The U.S.-Israel strikes on Iran have surged oil prices, and costs for consumers at the pump are expected to rise. The price of global benchmark Brent Crude oil was at about $77 per barrel as of Monday afternoon,

Oil prices surged more than 10% after U.S.-Israeli strikes on Iran and retaliatory attacks targeting shipping and energy infrastructure.

Oil prices jumped nearly 10% after U.S.-Israel strikes on Iran over the weekend, raising gas prices and potentially impacting Corpus Christi’s energy sector.

The escalating conflict between Israel and Iran has sent oil prices higher over the past few days. If history is anything to go by, the pressure it’s putting on global energy costs will fade before too long. That’s because the fears of a sudden ...

Oil prices jumped Thursday to their highest level in nearly seven months and investors snapped up safe havens like gold, as tensions between the United States and Iran continue to flare.