News about US • Iran

Iran produced roughly 3.3 million barrels per day in May, according to an OPEC report citing independent estimates. Shipments for broader Middle East supply could be imperiled if Iran or its regional proxies take steps to block the key Strait of Hormuz.

The Strait of Hormuz is a narrow, strategically important strait between the Gulf of Oman in the southeast and the Persian Gulf. On the north coast is Iran and on the south coast is the United Arab Emirates and Musandam, an exclave of Oman. The strait at its narrowest is 21 nautical miles (39 km) wide.

LONDON, June 22 - U.S. strikes on several Iranian nuclear sites represent a meaningful escalation of the Middle East conflict that could lead Tehran to disrupt vital exports of oil and gas from the region, sparking a surge in energy prices. But history tells us that any disruption would likely be short-lived.