The ongoing war with Iran has severely disrupted the Middle East's energy exports and trade routes. As a result, the supply of petrodollars that have funded massive overseas investments are under threat.

Oil traders expect crude prices to remain elevated as demand destruction, logistics shifts and a lasting geopolitical risk premium offset supply disruption.

Brent crude rose above $112 on May 18. Then President Donald Trump announced he was postponing a planned strike on Iran. The price fell back below $109 in the same session. That kind of intraday swing is what the oil market looks like right now.

Oil prices may stay elevated due to supply tightness and geopolitical risk, boosting Canadian energy stocks, John Zechner says.

European stocks gained, edging closer to their pre-war record high, as technology shares climbed and easing geopolitical tensions sent oil prices lower.

Oil briefly dips below $100 as markets react to renewed hopes of a US, Iran deal. Bloomberg's Mia Gindis breaks down why traders may be overreacting, how thin market participation is distorting prices, and why even a diplomatic breakthrough will not fix ...