The upcoming era of energy security is shifting from possession to production.

Oil could pass 2008 record of $147.50 a barrel as damage and closures risk compounding supply shock caused by Iran war

Record oil release steadies markets, but war-driven disruption in the Strait of Hormuz keeps energy supplies uncertain.

"Responding to coastal launch sites as they emerge would require coordinated strike operations ashore and perhaps marines — the latter a clear escalation risk."

Brent crude tops $106 a barrel as markets see no end in sight to the halt of traffic through the critical waterway.

The upcoming era of energy security is shifting from possession to production.

Crude oil prices have surged more than 70% this year, but there's the potential to go much higher to new records.

Prices are likely to rise substantially if the Strait of Hormuz remains, in effect, closed, market watchers say.