State Street SPDR S&P Oil & Gas Exploration & Production ETF

XOP

Market cap $1.91B

Oil prices surged on fears of Iranian supply disruptions but reversed sharply after President Trump eased geopolitical concerns, while rising U.S. inventories and renewed Venezuelan exports added downside pressure.

President Donald Trump said on Wednesday that he believes it would be better for Venezuela to remain in the Organization of the Petroleum Exporting Countries, or OPEC, but added he was unsure if that would be a better situation for the United States.

The U.S. Justice Department said on Wednesday it sued to block a California law requiring oil and gas drilling to be separated from schools, homes and hospitals by buffer zones of more than half a mile (1 km).

Oil slipped in the early Asian session after President Trump appeared to tilt away from military action in Iran.

U.S. oil prices fell more than $1 in early Asian trade on Thursday after U.S. President Donald Trump said killings in Iran's crackdown on nationwide protests were subsiding, easing fears of supply disruptions and possible military action against Iran.

Oil experts are factoring in the possibility of revolutionary upheaval in Iran as tensions with the U.S. flare back up.

The price of oil is pretty much near a five-year low, in a world where everything costs much more than it used to. Thankfully, our cars don't run on gold.

Crude oil prices initially rose amid protests in Iran, but have since failed to rally. CBIC Private Wealth senior energy trader, Rebecca Babin, joins Market Domination Overtime host Josh Lipton to explain why oil reacted differently after geopolitical tensions in Venezuela broke out.

Venezuelan crude oil was being offered this week to U.S. Gulf Coast refiners at a premium to competing Canadian barrels, two traders said.

The 'Fast Money' traders talk swings in the oil market on Iran fears.