CNBC's Pippa Stevens reports on why oil prices are rising after the U.S. Treasury Department revoked its authorization of Iranian oil sales after a series of attacks on tankers in the Strait of Hormuz this week.

Oil prices jumped more than 3% after reports that two tankers transiting the Strait of Hormuz had been hit by unknown projectiles.

A series of attacks in the Strait of Hormuz sent Brent crude and West Texas Intermediate prices higher Tuesday.

With the U.S.-Iran truce seeming to fall apart, crude oil prices were on the rise, an indication that gasoline prices likely will follow suit.

After several weeks of declining gas prices, Ohio drivers are once again seeing higher prices at the pump. According to AAA East Central, the statewide average for regular gasoline is now $3.70 per

Oil prices edged higher after an American official said the U.S. and Iran had agreed to halt attacks in a key shipping lane, raising hopes that hostilities would not escalate.

Oil falls as Iran tensions ease and gold prices slip on possible higher rates and a strong dollar. Here’s what investors should take from both trends.

Brent crude dips slightly below $78 a barrel; most Asian stock markets bounce back