Major news dominating global markets over the past 24 hours is the attack on two oil tankers in the Persian Gulf.
Is the entire supply of oil to the West at risk?
30% of the world’s crude oil passes through this way.
OPEC countries, 6 of them are in a Gulf region, produce about 40% of the world’s oil and 85% of global oil reserves are in the Middle East.
The political factors of most of the countries are unstable and recent rhetoric coming out of the US is not making things better. Despite the fact the last 2 tankers did not carry oil, the entire situation in the Persian Gulf is feeling rather shaky.
Source, National Geographic
Will the attacks and the latest OPEC report with the 2019 outlook cut, along the rhetoric of US and Trump drive oil prices upside?