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Markets have always been sensitive to global conflict and what's happening right now in the Middle East between Iran and Israel is an example of that. Now with both countries trading strikes Iran is reportedly considering closing the Strait of Hormuz in response according to CNBC that is a vital waterway that runs between Iran and the UAE and 20% of the world's oil moves through it
As of this morning 6/16 it is open but experts say there will be more significant price effects if it closes Rey Treviño III with Pecos Country Operating in Fort Worth says like many he is keeping a close eye on where this is headed and warns that higher prices at the pump could be inevitable for North Texas
"I'm pretty sure our our American assets will be watching these tankers now to make sure that they get out of these hostile waters.. And we knew that things were getting hairy when President Trump had quietly announced that he was pulling out all Americans out of that area but with this being said I would expect gasoline prices to go up a little bit. Oil prices have already gone up about 6 to 10% depending on the time of the day ..So this is just something very fluid that we're gonna continue to watch"
Treviño says price hikes at the pump usually lag behind global oil jumps by a few weeks and warns against possible price gouging in the short term.
#newsupdate #middleeast #oilandgas #priceprediction