Battalion Oil Corporation Common Stock (BATL)

Saudi Arabia has reportedly started cutting oil production as the escalating conflict in the Middle East saw critical energy infrastructure being targeted by both sides over the weekend.

The Future Fund’s Gary Black said higher fuel costs could hurt consumer spending and potentially complicate the Federal Reserve’s rate-cut path.

West Texas Intermediate added more than 13% and was on track for the biggest weekly percentage gain in at least two decades, according to Bloomberg.

Trio Petroleum has drawn attention as oil prices surged following Middle East supply concerns, while the company also offered an update on its share sale agreement.

Crude is up about 19% this week, putting it on track for its biggest weekly gain since 2022.

President Donald Trump said that political risk insurance and financial security guarantees in the region would be provided by the United States Development Finance Corporation.

The financing is priced at $5.50 per share of common stock, implying a 53% discount to Monday’s closing price.

WTI hovered near $71 and Brent near $78 after threats to close the Strait of Hormuz.

Investors now await Fed speeches, CrowdStrike and Target earnings, and a week of economic data capped by Friday’s jobs report.

Iran’s Revolutionary Guards commander has reportedly said that the Strait of Hormuz is closed, The Guardian reported. citing Iranian state media.