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What Iran could do to disrupt oil markets in retaliation against US Concerns that Iran could destabilize the global oil markets waned on Monday as the country’s retaliatory strikes on the United States broadly signaled that the regime wishes to de-escalate the Middle Eastern conflict. Tensions remain high, however, and analysts warn that Iran could take steps that would still place upward pressure on prices without jeopardizing its revenue and supply chain. Iran is one of the top 10 oil producers worldwide and sits along the narrow Strait of Hormuz. This water route is critical to the global transportation of crude oil, as roughly one-fifth of global daily oil production passes through the strait every day. Shutting the strait Following the U.S.’s attack on three nuclear sites in Iran on Saturday, fears grew that the country could strangle transportation through the strait, disrupting global trade and causing oil prices to soar. Several U.S. officials have publicly called on Iran to avoid taking the drastic action, indicating that the regime would be faced with stronger retaliation from Western producers and importers that rely on the strait for supply.
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