At 9 a.m. Eastern Time today, oil was priced at $97.78 per barrel with Brent serving as the benchmark (we’ll explain different benchmarks later in this article). That’s a gain of $4.02 compared with yesterday morning and around $31 higher than the price one year ago.

The war with Iran is preventing huge amounts of oil from flowing out of the Persian Gulf, but the prices that many people track don’t fully capture the scale of the disruption.

The sharp hit to global oil production from the Iran war is poised to flip the oil market into a supply deficit this year, analysts say.

Yes, higher crude oil prices mean a multibillion-dollar cash infusion to the oil industry. But volatility is bad for business, and sustained high prices come with very serious drawbacks.

Despite confusions about the terms of the deal, investors on Wednesday welcomed the move toward de-escalation between Iran and the United States.

By Colleen Howe and Siyi Liu BEIJING/SINGAPORE, April 10 (Reuters) - Oil prices climbed on Friday, driven by fresh anxiety over supplies from Saudi Arabia and as tanker traffic through the critical Strait of Hormuz remained largely frozen.

The two-week ceasefire deal between U.S. and Iran sent oil prices down, but gas and groceries can still be impacted.

Oil prices slumped Wednesday on hopes that a two-week ceasefire in Iran could pave the way for a resumption of oil production and flows in the Middle East. But experts warn that, even if flows resume,