Analysts at Barclays said Monday that approximately 20% of all the sea-borne crude and condensates passes through the Strait of Hormuz.
Iran has reportedly renewed its threat to close the Strait of Hormuz, the world's busiest transit lane for seaborne oil shipments, prompting fears about the potential ramifications for oil prices and broader financial markets.
In response, Iran's semi-official Fars News Agency quoted Revolutionary Guards General Alireza Tengseiri as saying that if Tehran was barred from using the Strait of Hormuz, they would"shut it down." The bank added that the Trump administration's decision not to reissue waivers in May did not materially impact its view on longer-term prices.
"We are late in the business cycle, we are at a stage where U.S. interest rate rises are starting to take effect, the data is not necessarily strengthening everywhere you look, and this sort of geopolitical risk is just sort of adding an extra dimension," Greetham said. "But we have long warned about the Iranian cyber threat, especially the prospect that Tehran could take down Saudi oil infrastructure. The risk is higher because Riyadh is playing an integral role in enabling the Trump administration's harsher stance. The disruption of Saudi oil production could systematically rattle markets," they added.
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