The United States is considering whether to strike Iran as turmoil intensifies for the country’s authoritarian regime.

An abrupt surge in oil prices could cause inflation to rise and spark volatility in markets. Brent on Tuesday jumped to the highest level since November.

Companies that already have operations in the country stand to benefit, but those that have profited from a standoff between Caracas and Washington could lose out.

Two oil tankers waiting to load crude from major Kazakh oilfields were hit by drones at the Caspian Pipeline Consortium terminal on Russia's Black Sea coast, further disrupting Kazakhstan's primary export route.

Venezuela's state energy company PDVSA has begun reversing oil production cuts made under a strict U.S. oil embargo as crude exports resume under U.S. supervision, three sources close to operations said on Tuesday.

Brent crude oil prices fell to below $60 a barrel on Tuesday, the lowest since May, amid investor optimism over progressing peace talks between Russia and Ukraine, and a wave of oversupply hitting global oil markets. CULVER CITY, CA - APRIL 25: Oil rigs ...