Oil prices

President Donald Trump warns of possible U.S. action against Iran and the Houthis following reported deadly strikes on Saudi Arabia, raising fears of regional escalation and disruptions to global oil supplies

Renewed tensions between Iran and the United States pushed oil prices higher, weighed on Israeli markets, and strengthened the U.S. dollar against the shekel.

Fatih Birol, head of the International Energy Agency, warns of a historic energy crisis amid $120 oil and fears of prolonged disruptions in the Strait of Hormuz. "Oil and gas markets are experiencing major difficulties, and that is putting heavy pressure on many countries," he says.