U.S. President Donald Trump expressed frustration on Thursday that oil prices have risen amid supply concerns from potential conflict in the Middle East. Both global and U.S. oil prices surged more than 4% on Wednesday to their highest levels since early April before easing a bit on Thursday.

A former White House official issued a chilling ultimatum to Donald Trump's administration as oil prices continue to rise in the US

Israel’s surprise military strike on Iran has jolted oil markets and cast fresh attention on the recent production decisions by Saudi-led Opec+, sparking debate over whether Riyadh ramped up oil output to support US strategic aims in the region, the Financial Times reported.

A sustained surge in oil prices is likely to complicate the U.S. fight against inflation. A $10-a-barrel increase would boost year-over-year growth in the Consumer Price Index by 0.5 percentage points,

Soybean oil rallied on the Trump administration’s proposal allowing oil refiners to blend more biofuels into gasoline and diesel next year.

President Trump has been able to argue that falling energy prices early in his term show his economic policies aren’t stoking inflation, but rapid-fire developments in the Middle East could put that case in jeopardy.

Most countries in the Group of Seven nations are prepared to go it alone and lower the G7 price cap on Russian oil even if U.S. President Donald Trump decides to opt out, four sources familiar with the matter said.