Energy

Sen. Tim Scott, R-S.C., will host Kevin Warsh before the Senate Banking Committee on Wednesday for his first time testifying as Fed chairman.

Oil prices rose on Tuesday after U.S. President Donald Trump announced plans to impose shipping fees in the Strait of Hormuz.

For shipping giant Hapag-Lloyd, it is "fundamentally wrong" to charge tolls for passage through international waters, regardless of the country in charge. 

Gulf producers are increasingly relying on alternative routes to keep crude moving as shipping disruptions expose the risks of depending on the Strait of Hormuz.

While the proposed levy would raise shipping costs, an escalating conflict could remove barrels from the market altogether. 

CNBC's Jim Cramer said investors have gravitated toward a familiar group of stocks as oil prices climb.

The Strait of Hormuz is a major oil shipping route and the epicenter of the U.S. and Israel's ongoing war with Iran.