(The Hill) It’s summer. It’s hot. We all want to go on vacation. But for those of us who watch the oil market, there’s a nagging feeling that we won’t get to read that trashy novel on the beach, because oil prices are ready to explode. Who’s to blame? Top of the list is Iranian President Hassan Rouhani who, on Sunday, warned the United States that conflict with the Islamic Republic would be “the mother of all wars.” Additionally, Rouhani’s comment that “We have always guaranteed the security” of the Strait of Hormuz — the comparatively narrow waterway from the Persian Gulf into the Indian Ocean, through which 40 percent of the world’s oil exports pass — was regarded as endorsing, rather than contradicting, Iranian threats to actually close the strait. Rouhani’s words prompted President Trump to tweet his own warning, in capital letters. Rest of this article here.
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Source: CTRM Center