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Crude Oil Prices Surge as Iran Threatens to Close Major Oil Chokepoint

Crude Oil Prices Surge as Iran Threatens to Close Major Oil Chokepoint

2018-07-23 13:15:00
Justin McQueen, Analyst
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Oil Price Analysis and News

  • Crude Oil Prices Rise on Increased Geopolitical Risk Premium
  • Iran Threaten to Close Strait of Hormuz
  • President Trump Warns Iran of Consequences if it Threatens the US Again

For a more in-depth analysis on Oil Prices, check out the Q3 Forecast for Oil

Iran Threatens to Close Strait of Hormuz to Counter US Sanctions

Crude oil prices have risen over 1.5% this morning following the war of words over the weekend by Iran and Trump. Following the growing pressure from the US to end its nuclear program, through forcing the stop to Iranian oil sales, alongside the looming US sanctions. Consequently, this has led to the Iranian President threatening to close the Strait of Hormuz, which is the world’s most crucial waterway. Daily flows are roughly around 18.3mln bpd from the top 5 OPEC producers, while also accounting for 35% of all seaborne traded oil and 20% of oil traded worldwide. If Iran cause disruptions to counter US sanctions this could lead to substantial oil price spikes.

In response to the Iranian President’s threat, President Trump later tweeted that Iran will suffer consequences if they threaten the US again.

North Sea Oil Strikes

Aside from the ongoing spat between the US and Iran, Union workers have conducted a 24-hour strike on total’s North Sea platforms, which in turn has led to the disruption of around 75k barrels, consequently providing an additionally lift to oil prices this morning.

OIL PRICE CHART: 5-Minute Time Frame (Intra-day)

Crude Oil Prices Surge as Iran Threatens to Close Major Oil Chokepoint

Chart by IG

--- Written by Justin McQueen, Market Analyst

To contact Justin, email him at Justin.mcqueen@ig.com

Follow Justin on Twitter @JMcQueenFX

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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