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

XOP

Market cap $2.46B

Crude-oil markets won't officially open for a few more hours, but traders are already using prediction markets like Kalshi to take bets on where prices will settle on Monday.

Tanker traffic through the Strait of Hormuz has effectively come to a stop as shipping companies take precautionary measures, analysts said. About a third of the world's seaborne oil exports passed through the Strait in 2025.

Traffic through the Strait of Hormuz has dropped off amid warnings from the Iranian Revolutionary Guard. What happens next could have major implications for the global economy.

Markets were expected to react to the outbreak of conflict in Iran this weekend.

Bloomberg Intelligence's Mike McGlone explains what the US and Israeli strikes on Iran mean for oil and commodities prices. He speaks on "Bloomberg This Weekend.

Oil futures will begin trading later on Sunday. Saudi Aramco shares were climbing as trading resumed in Saudi Arabia, possibly hinting that crude is headed for a surge.

Escalating US–Iran tensions are likely to push oil prices higher, lift inflation expectations, and drive investors toward gold while increasing downside risks for equities.

Oil and cryptocurrencies could see increased trading volatility after the death of Iran's supreme leader. 'Bloomberg This Weekend' hosts David Gura and Christina Ruffini speak with Bloomberg Intelligence analyst Mike McGlone.

Most tanker owners, big oil companies and trading houses suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz after Tehran warned ships against moving through the waterway.

Analysts warn that a prolonged Strait of Hormuz disruption could push oil prices into triple digits. Markets are likely to price in an immediate-risk premium, analysts say.