Under the 1973 War Powers Resolution, a U.S. president needs to withdraw troops 60 days after reporting their deployment to Congress

Brent crude surged past $126 a barrel early Thursday, while U.S. gasoline prices jumped to $4.30 a gallon.

That was down from $7.3 billion in the fourth quarter and $7.7 billion in the year-ago period, even though oil prices and refining margins were higher this year. On a more positive note, Exxon's earnings did surpass analysts' expectations of $0.

Strong earnings and economic data buck fears that prolonged disruption to Middle East fuel supplies will eventually dent economic growth.

ExxonMobil and Chevron, America’s two largest oil companies, both reported a sharp drop in profit for the first three months of this year. But much bigger profits likely lay ahead because of rising oil prices during the war with Iran.

Ukrainian drones are flying deep into Russia to strike oil facilities. Plumes of smoke can be seen from space and toxic rain has fallen on tourist destinations on the Black Sea.

June WTI crude oil (CLM26 ) on Thursday closed down -1.81 (-1.69%), and June RBOB gasoline (RBM26 ) closed up +0.0228 (+0.63%). Crude oil and gasoline prices settled mixed on Thursday, with gasoline soaring to a 3.

The Organization of the Petroleum Exporting Countries, OPEC, is about to lose one of its biggest members, the United Arab Emirates, delivering a blow to the cartel that could jeopardise its ability to influence global oil supply and prices.