Jun. 22 at 5:49 PM
$OXY
Why it matters: Impeding the strait would likely bring a massive spike in oil prices that would flow through to U.S. consumers.
The narrow channel between Iran and Oman is the chokepoint for a quarter of the world's seaborne oil trade β and around one-fifth of all oil movements.
Without diplomatic concessions from Tehran, the front-month Brent crude oil price could open "meaningfully above its
$77.01/bbl Friday close," ClearView Energy Partners said in a Sunday note.