Iran, Israel and Oil prices
Digest more
The Iraqi foreign minister warned on Saturday that the Strait of Hormuz might be closed due to the Israel-Iran confrontation.
6d
Barchart on MSNCrude Prices Surge on Security Risks in IraqWednesday closed up +3.17 (+4.88%), and July RBOB gasoline (RBN25) closed up +0.0788 (+3.77%). Crude oil and gasoline prices rallied sharply on Wednesday, with crude posting a 2-1/4 month high and gasoline posting a 3-week high.
Tensions at the Strait of Hormuz risk 20M bpd in crude oil flow, fueling a sharp rally in oil futures and boosting market volatility.
a vital shipping route for oil, is located near this region. Although the price spike initially seemed to reflect these geopolitical risks, analysts believed the surge might have been overdone.
Some of the world’s largest oilfields, including in Saudi Arabia and Iraq, are also within ... to help keep prices in check. If the oil price surge is prolonged or supplies are disrupted from ...