As oil prices climbed to multi-month highs on Tuesday, one strategist warned of the 'potential for greater disruption' ahead for crude markets.
As oil prices climbed to multi-month highs on Tuesday, one strategist warned of the"potential for greater disruption" ahead for crude markets.
Rebel forces loyal to rebel leader General Khalifa Hifter, who effectively controls the country's breakaway east, launched a surprise attack against the home of Libya's UN-recognized government last week. The move risks plunging the country back into civil war. For Venezuela, he said:"Things are terrible there, oil output is plummeting, then you've got this wave of electrical outages that have halved their exports."
Tensions between the two countries have sizzled since the U.S. withdrew from a 2015 nuclear deal, known as the Joint Comprehensive Plan of Action, with Iran. The administration also reimposed sanctions on Tehran's crude exports, dealing a blow to the Iranian economy. Driscoll said that in the"black swan event" that Tehran loses patience with Washington and attempts to close the Strait of Hormuz — a critical sea passage for crude oil shipments, it would result in the loss of a"critical choke point where 30 percent of the world's oil and gas passes."
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