Why Are Oil Prices Coming Down?

Tim Constantine reports: U.S. gas prices rose $0.25 per gallon over the past few days due to escalating tensions near the Strait of Hormuz, a critical route for over 20% of the world’s oil. Attacks on refineries in Qatar and Saudi Arabia have further disrupted energy markets.

Despite these challenges, oil prices fell slightly Friday after the U.S. announced a waiver allowing India to buy and refine Russian oil, aiming to offset losses from the Middle East. Analysts say it remains to be seen how this will affect global markets in the longer term.