The region accounts for nearly half of the world’s oil production, while a fifth of the world’s oil shipments pass through the Strait of Hormuz. Trump also said that the United States will retaliate against Iran if Tehran were to strike back after the killing. “The big uncertainty now for markets is how Iran will respond to this attack,” ING analysts said in a note. In the United States, U.S. crude stocks fell by their most since June as exports exceeded 4 million barrels per day for the first time in history, the Energy Information Administration said on Friday. [EIA/S]Elsewhere, bad weather shut all four east Libyan oil export terminals on Sunday and the closure could last three days, port sources said.

Source: GhanaWeb January 06, 2020 08:03 UTC