Iran-US Tensions and Global Oil Market Risks Amid Strait of Hormuz Concerns

Escalating tensions between the US and Iran, including potential US military action and Iranian threats to restrict the Strait of Hormuz, pose risks to global oil markets. Iran, currently producing about 3% of global supply, has seen its oil industry's influence wane due to sanctions and limited investment since the 1979 revolution, despite a historical peak in production in the mid-1970s. New US tariffs on countries trading with Iran add further economic pressure.