Commercial crude oil stocks excluding the Strategic Petroleum Reserve were down by 913,000 barrels, the EIA said. Analysts surveyed by The Wall Street Journal had predicted a 900,000 barrel increase in crude stocks.

The Iranian conflict has shifted the global oil market from oversupply to a shortage of 750,000 barrels per day

The U.S. is taking a whole-of-government approach to tackle rising prices, including releasing oil reserves to easing sanctions on Venezuela.

According to Tommy Grisafi of Nesvick Trading money flow the last two sessions in the outside markets had a huge impact on ag markets.

Oil futures finished flat as traders awaited more clarity about a potential second round of US-Iran talks, a possible extension of the ceasefire, and the reopening of the Strait of Hormuz.

Brent crude oil price has jumped by 91% from the year-to-date low. Trump has pledged to destroy Iran's critical infrastructure today. Polymarket traders believe that crude oil will jump to $120 this month.

Shares of Occidental Petroleum (NYSE: OXY) fell on Thursday, down as much as 8.6% at one point this morning, before returning to a 5.8% decline as of 1:30 p.m. EDT. Oil prices had declined about 10% at that time,

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Brent crude oil price will be in the spotlight on Monday after talks between the United States and Iran failed to achieve a deal, raising the possibility that the ceasefire will end. It ended last week at $94.25, down from the year-to-date high of $119.45.

Indonesia will increase crude oil imports from ​the United States to replace some supply from the Middle ‌East amid an escalating war in the region, its energy minister said on Tuesday.