Impact of Iran and US Tensions on Oil Prices

Oil prices slightly declined, with Brent crude dropping by 0.66% to $93.77, and U.S. crude by 0.68% to $86.47. This comes amid Iranian threats to halt oil shipments through the Strait of Hormuz if neighboring countries assist the United States in choking Tehran’s economy. This occurs against the backdrop of escalating U.S. sanctions on Iran and ongoing deadlock in nuclear negotiations, with approximately 8 to 20 million barrels of oil passing through the strait daily. Six ships were monitored during the 24-hour period, including oil tankers and cargo ships, though tracking maritime flows has become more difficult due to ships turning off their transmitting and receiving devices or falsifying their flags.

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