Still, the U.S. stock market has set a run of records on hopes that the war will not keep oil prices high for very long. Companies are meanwhile producing bigger profits than analysts expected, while signals suggest the U.S. economy is holding up even though households are feeling discouraged by expensive gasoline and tariffs.

Saudi Aramco CEO says the global energy market has lost about 1 billion barrels of oil supply amid the Iran war's disruption to Strait of Hormuz shipping.