Trump and Tehran are boxed in until the midterms because Iran wants US gas prices high
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Oil prices have surged past $100 a barrel for the first time since July amid an escalating war involving Iran.
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Oil prices remain stagnant despite the five-month closure of the Strait of Hormuz, challenging traditional market expectations of a price spike.
OPEC+ members have agreed to increase oil production quotas for September, marking the sixth consecutive output increase.
Oil drops over 4% after Trump calls off planned strike on Iran, according to coverage from CNBC.
The Bab al-Mandeb Strait has emerged as a critical maritime chokepoint under threat from Houthi blockade activities and Iranian influence.