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Middle East entered its sixth day with no sign of resolution.  The Strait of Hormuz remains closed, halting most energy shipments from the Persian Gulf.  Also, China today told its largest refiner to suspend exports of diesel and gasoline due to the escalating conflict in the Persian Gulf, which will tighten global fuel supplies and push fuel prices even higher. This Oil Stock Just Soared 130%. Should You Chase Battalion Oil Here?Nat-Gas Prices Sink on Hopes Middle Eastern Energy Disruptions Will be ShortCrude Oil Prices Supported by Iran ConflictGet exclusive insights with the FREE Barchart Brief newsletter. Subscribe now for quick, incisive midday market analysis you won't find anywhere else.The closure of the Strait of Hormuz has halted most energy shipments from the Persian Gulf and is bullish for energy prices.  Iran's Islamic Revolutionary Guard Corps has warned ships not to sail through the passageway, saying that vessels "could be at risk from missiles or rogue drones."  The closure of the Strait of Hormuz, which handles a fifth of the world's oil, has forced Gulf producers unable to export their oil to stockpile the crude in storage tanks.  Iraq and Saudi Arabia, OPEC's largest producers, have curbed crude production as the halt to their exports is filling up their storage facilities.  Kayrros reported on Wednesday that four of six tanks at Saudi Arabia's Ras Tanura refinery were full, and the Ju'aymah terminal on the country's east coast is quickly running out of spare capacity.  Goldman Sachs estimates the real-time risk premium for crude oil at $18/bbl, corresponding to its estimate of the impact of a six-week full halt to tanker traffic in the Strait of Hormuz. Also, damage from an intercepted Iranian drone caused a major fire on Tuesday at the United Arab Emirates' major oil-trading hub, Fujairah, one of the largest oil storage centers in the Middle East.  In addition, Iranian drone attacks forced Saudi Arabia to shut down its Ras Taura refinery, the country's largest, which refines 550,000 bpd of crude oil.In a bearish factor for crude, OPEC+ on Sunday said it will boost its crude output by 206,000 bpd in April, above estimates of 137,000 bpd.  OPEC+ is trying to restore all of the 2.2 million bpd production cut it made in early 2024, but still has nearly another 1.0 million bpd left to restore.  OPEC's January crude production fell by -230,000 bpd to a 5-month low of 28.83 million bpd.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,740.02 -90.69 (-1.33%)Dow 3047,501.55 -453.19 (-0.95%)Nasdaq22,387.68 -361.31 (-1.59%)Russell 20002,525.30 -60.27 (-2.33%)VIX29.49 +5.74 (+24.17%)Gold5,181.30 +102.60 (+2.02%)Trending tickersBTC-USD Bitcoin USD 68,221.74 -2,682.35 (-3.78%)VRT Vertiv Holdings Co 241.78 -7.97 (-3.19%)LITE Lumentum Holdings Inc. 558.44 -92.38 (-14.19%)BE Bloom Energy Corporation 135.19 -24.80 (-15.50%)PRSO Peraso Inc. 2.0400 +1.2290 (+151.54%)PortfolioSign in to access your portfolioSign inTop gainersDAWN Day One Biopharmaceuticals, Inc. 21.20 +8.42 (+65.88%)IOT Samsara Inc. 35.36 +5.78 (+19.54%)MRVL Marvell Technology, Inc. 89.57 +13.89 (+18.35%)EMAT Evolution Metals & Technologies Corp. 9.76 +1.25 (+14.69%)IOVA Iovance Biotherapeutics, Inc. 5.13 +0.55 (+12.01%)Top losersINGM Ingram Micro Holding Corporation 22.06 -4.30 (-16.31%)BE Bloom Energy Corporation 135.19 -24.80 (-15.50%)GAP The Gap, Inc. 23.28 -3.92 (-14.41%)LITE Lumentum Holdings Inc. 558.44 -92.38 (-14.19%)JEF Jefferies Financial Group Inc. 38.29 -5.99 (-13.53%)Most activeNVDA NVIDIA Corporation 177.82 -5.52 (-3.01%)ONDS Ondas Inc. 9.83 -0.63 (-6.05%)AAL American Airlines Group Inc. 11.18 -0.61 (-5.17%)MRVL Marvell Technology, Inc. 89.57 +13.89 (+18.35%)BBD Banco Bradesco S.A. 3.6800 -0.0600 (-1.60%)Top economic eventsEarnings eventsMy earnings eventsEarnings events