Political tension still worsening

Tue 24 Jul 2018, 06:11 GMT

Political tension still worsening

By A/S Global Risk Management.

Michael Poulson, Global Risk Management.

Image credit: Global Risk Management

Oil prices rose on Monday on worries over supply after tensions worsened between Iran and the United States, while some offshore workers began a 24-hour strike on three oil and gas platforms in the British North Sea.

Iranian Supreme Leader Ayatollah Ali Khamenei on Saturday backed a suggestion by President Hassan Rouhani that Iran could block Gulf oil shipments if its exports were stopped. The blocking would take place at the Strait of Hormuz - a shipping chokepoint at the mouth of the Gulf. It is a conduit for tankers carrying about 30 percent of all seaborne-traded crude oil and other liquids.

Asian shares dipped on Monday on fears of more protectionist measures from the United States while the dollar declined against major currencies. Trade tensions remain a risk.


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