Traders have been paying close attention to the international benchmark in the wake of the new sanctions announced on two major Russian oil companies this week.

Halliburton and Baker Hughes report financial results this week.

Lower crude prices usually mean lower gas prices — but pressures on refineries, including drone attacks on Russian refineries, mean that consumers might not see as much benefit.

Despite fears about how oil shipments could be affected if Iran targets tanker traffic moving through the Strait of Hormuz, global supply remains strong.

Global oil prices are simply too low to make it profitable.

So far, the conflict between Israel and Iran hasn’t caused oil prices to spike too high, but economists are watching.

The price of West Texas Intermediate is hovering around $60 per barrel — not low enough to kill the oil patch, but not generating “Drill, baby, drill!” vibes.

When the economy slows down, the price of oil tends to fall. But this time, OPEC+ is increasing production despite weak demand.

Thanks to abundant supply and fairly flat demand, oil prices are forecast to fall — unless tariffs and geopolitics get in the way.

The oil cartel is holding back millions of barrels a day.