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Brent crude traded near $100 a barrel following one of the most volatile weeks ever for the oil market, with investors bracing for more upheaval as Iran pledged to keep the Strait of Hormuz shut.

If higher energy costs persist, routing cargo through Panama can cut voyages by between three and 15 days, depending on the route, while reducing fuel consumption, Ricaurte Vásquez said.

It’s unclear how much extra oil the step will free up in practice, and it represents a fraction of what has been lost because of the Hormuz turmoil this month.

Democratic Gov. Gavin Newsom’s office blasted the lawsuit, noting it comes as gas prices climb amid the Iran war and as some drivers consider going electric.

Oil drillers in California have resorted to the costly alternative of trucking crude barrels 50 miles after the closure of a refinery and idling of a key pipeline cut off outlets for their products.

The century-old maritime law that requires American ships be used to transport goods between U.S. ports would get a 30-day exemption.

The Iran conflict has caused major disruptions to global supply chains that experts warn could ripple down to domestic trucking.

Experts say prolonged high gas prices may drive some EV interest and sales, especially if drivers assume their electricity prices won't be affected by the crises.

“The United States is the largest oil producer in the world, by far, so when oil prices go up, we make a lot of money,” Trump posted on social media.

Iran has escalated its attacks aimed at generating enough global economic pain to pressure the U.S. and Israel to end the war, targeting oil fields and refineries in a handful of Gulf Arab nations.