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Kuwait cuts oil production as Strait of Hormuz closure disrupts global energy market
Kuwait said Saturday that it has cut oil production and refining output because tankers cannot transit the Persian Gulf due to threats from Iran. The Arab monarchy did not say how many barrels per day it has cut, but described the output reduction as a precautionary measure that will be “reviewed as the situation develops.” […]
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Trump admin announces $20 billion reinsurance program for oil tankers during Iran war
The Texas Voyager oil tanker sits anchored off the coast of Chevron’s El Segundo Refinery in El Segundo, California on March 4, 2026. Patrick T. Fallon | Afp | Getty Images The Trump administration on Friday announced a $20 billion reinsurance program for oil tankers and other maritime traffic in an effort to get vessels […]
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Toyota, Hyundai and Chinese automakers expected to be most impacted by Iran war
Toyota Motor Corp. vehicles bound for shipment at the Port of Nagoya in Tokai, Aichi Prefecture, Japan, on Tuesday, April 29, 2025. Toru Hanai | Bloomberg | Getty Images DETROIT — Toyota Motor, Hyundai Motor and Chinese automakers such as Chery face the most potential impact of non-domestic automakers from the U.S.-Israel war with Iran, […]
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Jobs report, Gap’s weather problem, a new tariff lawsuit and more in Morning Squawk
This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Friday. As if this week wasn’t newsy enough, we’re minutes away from February’s jobs report. Stock futures are down this morning after a losing day. Here are five key things investors need to know to start the trading day: 1. Ups […]
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Trump wants U.S. Navy to escort tankers through the Gulf. Why that plan may not work
President Donald Trump is ready to use the U.S. Navy to escort oil tankers through the Strait of Hormuz as the war against Iran rages, but providing safe passage to the volume of traffic that typically passes through the waterway will prove challenging. U.S. oil prices have surged 28% to above $86 a barrel this […]
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CNBC Daily Open: Oil surges as Iran war enters seventh day
Storage tanks are seen at Marathon Petroleum’s Los Angeles Refinery, which processes domestic and imported crude oil, in Carson, California, on March 11, 2022. Bing Guan | Reuters What you need to know today Crude oil crossed $80 per barrel Thursday, as the Iran war enters its seventh day and continues disrupting global fuel supplies. […]
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U.S. crude oil tops $79 per barrel after Iran says it attacked a tanker
U.S. crude oil prices on Thursday broke above $79 per barrel after Iran claimed to have attacked a tanker. The price of West Texas Intermediate oil was last up 6.86%, or $5.12, at $79.78 per barrel, while global benchmark Brent rose 4.31%, or $3.51, to $84.91 per barrel at 11:30 a.m. ET. Oil prices have […]
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Broadcom earnings, AI’s PR problem, Musk takes the stand and more in Morning Squawk
This is CNBC’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Thursday. If you’re concerned about automation impacting your job, I’m sorry to say this story Xiaomi’s humanoid robot “interns” probably won’t ease those worries. Stock futures are lower this morning. The three major indexes are coming off a winning day. Here […]
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Oil price surge eases after Bessent pledges support for oil trade during Iran war
Oil prices held steady Wednesday, after Treasury Secretary Scott Bessent said the Trump administration will provide support to oil tankers transiting the Persian Gulf and announce more measures in the coming days. U.S. crude oil rose 12 cents, or 0.16%, to $74.68 per barrel by 9:46 a.m. ET. Global benchmark Brent was up 37 cents, […]
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Middle East conflict poses fresh test to central banks as oil shock fuels inflation
Pedestrians look out across the city skyline as they walk along the Tabiat bridge in Tehran, Iran, on Saturday, Aug. 4, 2018. Ali Mohammadi | Bloomberg | Getty Images A widening Middle East conflict has posed a fresh test for global central banks, as fears of an oil shock and renewed inflation risks complicate policymakers’ calculus […]
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