Oil prices chill out (for now) as US-Iran drama cools down
Business
Oil prices have finally steadied after a wild three-day jump, amid ongoing tensions between the US and Iran.
President Trump's threats of military action over Iran's nuclear deal had everyone on edge, while traders continued to gage Iran risks.
West Texas oil is holding at about $66 per barrel, while Brent crude just crossed $70 for the first time in months.
Why it matters: The Strait of Hormuz and future price swings
Everyone's watching the Strait of Hormuz—a super important route for global oil shipments—since Iran is planning live-fire military drills there.
If anything blocks this narrow waterway, it could mess with energy supplies worldwide.
Even though prices have calmed for now, traders say things could get bumpy again fast if tensions flare up or oil shipments get disrupted.