Even once the Strait of Hormuz reopens, it will take months for oil and gas flows to get back to normal, Exxon and Chevron warn.

FOX Business correspondent Lauren Simonetti reports on top oil executives addressing U.S. efforts to maintain oil supplies during the Iranian blockade in the Strait of Hormuz on ‘America Reports.’

Oil prices rose on Friday as efforts to halt the Iran war remained at an impasse, with Tehran still blocking the Strait of Hormuz and the U.S. Navy blocking exports of Iranian crude. Brent crude futures for July were up $1.

Oil prices dropped on Friday after Iran was reported to have ‌sent a fresh proposal for U.S. negotiations, but prices remained on track for weekly gains, with Tehran still blocking the Strait of Hormuz and the U.

Millions of Americans are waking up to higher gas prices as hope fades that the Strait of Hormuz will open anytime soon. As of Friday morning, AAA reports that the national average for regular gas

President Donald Trump has said the U.S. Navy ‌is clearing Iranian mines from the ‌strait, a vital sea route for oil shipments, whose disruption is increasingly threatening the global economy. ⁠Sweeping for ⁠underwater explosives could take months despite a tenuous ceasefire between the U.

Global oil prices jumped to a four-year high of more than $126 a barrel on ​Thursday on concerns that the U.S.-Iran war could worsen and lead to a protracted Middle East supply disruption that could hurt global economic growth,

Israeli airstrikes on southern Lebanon killed at least seven people and wounded others on Saturday despite a ceasefire between Israel and Hezbollah, officials said. Israel’s military on Saturday issued a new warning for residents of nine southern villages to evacuate.