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With a key shipping route cut off, oil prices have surged — from less than $70 a barrel on Feb. 27 to nearly $120 early March 9 before settling closer to $90. They’ve taken diesel and gasoline prices with them.

Saudi Arabia, Iraq, the United Arab Emirates and Kuwait have lowered their collective output by as much as 6.7 million barrels a day, Bloomberg reports. That amounts to about 6% of global supply.

Nearly all goods — including food — that are bought and sold must travel from where they’re produced. Those costs will climb with higher gasoline, diesel and jet fuel prices.

The U.S. stock market careened through a manic March 9, going from a steep early loss to a solid gain as worries turned into hope that the war with Iran may not last that long.

President Donald Trump is mulling a menu of possible options to combat surging oil and gasoline prices in the wake of the Iran war, according to people familiar with the matter.

A longtime Tesla executive is leaving the Elon Musk-run EV company, extending a string of departures as the manufacturer shifts its focus to artificial intelligence and robotics. 

As part of this transaction, Shell subsidiary Pennzoil Quaker State has entered into a long-term lubricants supply agreement with Monomoy.

G-7 finance ministers held a virtual meeting to discuss the Iran war, its impact for regional stability, global economic conditions and financial markets, and the importance of secure trading routes.

Disruptions to crude oil supplies wrought by the Middle East conflict are boosting the appeal of crop-based biofuels, lifting demand for vegetable oils and corn.

Plug Power is planning to offer hydrogen electricity in a potential special auction by the biggest U.S. power grid in the scramble to feed the artificial intelligence boom.