Smaller U.S. oil producers are starting to drill more wells, but big companies like Exxon Mobil and Chevron have said they are not changing their plans as a result of the war with Iran.
Some analysts said the main international oil price, which was up 6 percent on Monday, could climb much higher in the coming weeks if the Strait of Hormuz doesn’t reopen.
An oil refinery in Carson, Calif. The possibility of continued fighting has raised concerns about how long the world’s stockpiles of oil and fuels will last if the Strait of Hormuz does not reopen.
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