CNBC - Energy

U.S. crude oil prices rose sharply Friday as Iran escalated its attacks in the Strait of Hormuz this week.

Trump said he would not use nuclear weapons against Iran or send ground troops as the U.S. reportedly weighs new strike options.

Not only is Ambani's Reliance investing in a U.S. refinery and buying Venezuelan oil, but its strong ability to supply diesel has put Jamnagar on the map during Rubio's visit.

Physical oil can cost about $38 a barrel more to deliver, as tanker rates surge.

The Trump administration pushed Europe to release diesel stocks as prices in the U.S. surged to record highs in September.