Flames are seen at the production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabian on May 22, 2018.
Video Ad Feedback
Does OPEC really control oil prices?
02:29 - Source: CNN
Markets and Investing 16 videos
Flames are seen at the production facility of Saudi Aramco's Shaybah oilfield in the Empty Quarter, Saudi Arabian on May 22, 2018.
Video Ad Feedback
Does OPEC really control oil prices?
02:29
Now playing
- Source: CNN
tech stocks outlook 2023 dan ives jg orig_00001227.png
Video Ad Feedback
Analyst: Tech stocks will rise 20% in 2023
01:37
Now playing
- Source: CNN Business
A For Sale sign is displayed in front of a house in Washington, DC, on March 14, 2022.
Video Ad Feedback
Here's where mortgage rates and home prices may be headed in 2023
01:41
Now playing
- Source: CNN Business
A customer wears a face mask as they lift weights while working out inside a Planet Fitness Inc. gym as the location reopens after being closed due to the Covid-19 pandemic, on March 16, 2021 in Inglewood, California.
Video Ad Feedback
Planet Fitness CEO explains how it keeps gym memberships at $10
02:18
Now playing
- Source: CNN Business
A traveler walks along a moving walkway between terminals at Logan International Airport in Boston, the day before Thanksgiving, Wednesday, Nov. 23, 2022. (AP Photo/Steven Senne)
Video Ad Feedback
trivago CEO: Travel costs are up. Here's how vacationers are reacting
01:20
Now playing
- Source: CNN Business
Twitter Tesla
Video Ad Feedback
Analyst: Musk 'circus' is hurting Tesla
01:36
Now playing
- Source: CNN Business
NEW YORK, NEW YORK - SEPTEMBER 13: Traders work on the floor of the New York Stock Exchange during afternoon trading on September 13, 2022 in New York City. U.S. stocks opened lower today and closed significantly low with the Dow Jones dropping over 1,200 points after the release of an inflation report that showed prices rising more than expected in the last month. The Consumer Price Index released by the Bureau of Labor Statistics showed prices rising 8.3% over the last year, for which economists had predicted an 8.1% increase. (Photo by Michael M. Santiago/Getty Images)
Video Ad Feedback
Market strategist on where stocks are likely headed next
01:32
Now playing
- Source: CNN Business
Matt Egan
Video Ad Feedback
What the Fed's latest historic interest rate hike means
01:49
Now playing
- Source: CNNBusiness
Federal Reserve Chairman Jerome Powell speaks at a news conference following a Federal Open Market Committee meeting, Wednesday, Nov. 2, 2022, in Washington.
Video Ad Feedback
Fed's Powell: 'Time for easing rate increases is coming'
02:26
Now playing
- Source: CNN Business
A customer pushes a shopping cart in the parking lot of the Carrefour SA hypermarket in the Grand Littoral retail park in Marseille, France, on Monday, July 25, 2022.
Video Ad Feedback
'Recession is pretty much a foregone conclusion:' Economist explains
01:44
Now playing
- Source: CNN Business
Happy children in carnival costumes trick or treating with pumpkin basket in the old wooden house. Halloween party.
Video Ad Feedback
Spirit Halloween CEO lists some of the hottest costumes this year
01:05
Now playing
- Source: CNN Business
Nouriel Roubini, economist and chairman of Roubini Global Economics, LLC., pauses during the ET Global Business Summit in New Delhi, India, on Saturday, Jan. 30, 2016. The summit runs through Jan. 30. Photographer: Udit Kulshrestha/Bloomberg via Getty Images
Video Ad Feedback
'Dr. Doom' explains why the Fed will lose its inflation battle
02:41
Now playing
- Source: CNN Business
A cashier ringing up a senior couple's groceries so they can pay at their local supermarket.
Video Ad Feedback
Jobs economist: Worker shortage may keep inflation high
01:14
Now playing
- Source: CNN Business
StockX products
Video Ad Feedback
StockX CEO: Here's how we authenticate sneakers, trading cards before sale
01:38
Now playing
- Source: CNN Business
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2022.
Video Ad Feedback
Markets expert: It's time to play defense
01:13
Now playing
- Source: CNN Business
3 investing tips for market turmoil david bailin orig_00003402.png
Video Ad Feedback
Investor shares 3 things you should do right now in this market
00:57
Now playing
- Source: CNN Business
New York CNN Business  — 

Oil prices spiked as tensions between the United States and Iran escalated.

The price of US oil soared 6% above $57 a barrel.

Iran’s Revolutionary Guard said it had shot down an a US military drone. Investors feared an armed conflict in the region could escalate, potentially cutting off some oil supply. After the drone was brought down, President Donald Trump tweeted that “Iran made a very big mistake!”

Tensions with Iran have been building since two tankers were attacked near the Strait of Hormuz last week, an attack that US authorities blame on Iran.

The strait, a narrow body of water near the mouth of the Persian Gulf, is crucial to the flow of oil from the Middle East to global oil markets. Oil prices are now up 9% since that attack on fears that global oil markets could be disrupted.

The United States announced plans earlier this week to send an additional 1,000 troops to the Middle East amid the rising tensions with Iran. US Secretary of State Mike Pompeo said Sunday that the United States is “considering a full range of options,” including possible military options, although he emphasized that Trump does not want to go to war with Iran.