3 weeks ago
Oil Nears $90 Amid Hormuz Risks; $100 Crude Fears Return
Oil is a liquid that helps make fuel for cars and planes.
Much of the world's oil travels through a narrow sea passage called the Strait of Hormuz.
When countries near that route argue, ships can have a harder time delivering oil.
The United States and Iran are having tension right now.
President Donald Trump said the US is in control of the strait and things are going fine.
But an expert named Peter McGuire says the situation is getting worse.
When people worry that oil may not arrive, the price goes up.
The price of one barrel of oil is now close to $90.
Some people think it could rise to $100.
The next few days will show whether prices keep climbing.
Crude oil is approaching $90 a barrel as conditions worsen in the Strait of Hormuz, according to oil expert Peter McGuire of Trading.com.
President Donald Trump said the situation with Iran is 'going fine' and that US forces have 'total control' of the Strait of Hormuz.
Rising US-Iran geopolitical tensions have left traders questioning whether $100-a-barrel crude is 'back on the table.'
Market sentiment has 'fear baked into the price,' with uncertainty front of mind as traders brace for potentially higher prices.
McGuire said the next few days will be in focus, as any form of resolution will determine prices.
- Who
- US President Donald Trump and oil market expert Peter McGuire, CEO-Australia at Trading.com.
- What
- Crude oil prices are nearing $90 a barrel amid fears they could reach $100 as tensions rise between the US and Iran.
- Where
- The Strait of Hormuz, the Red Sea, and Joint Base Andrews, where Trump made his remarks.
- When
- The reporting date is not specified; experts say the next few days will determine price direction.
- Why
- Geopolitical tensions between the US and Iran are worsening trade-route risks, with fear baked into market sentiment.
Market Analysts
US Administration
Assessment of US-Iran tensions in the Strait of Hormuz
Market Analysts
Oil expert Peter McGuire says conditions in the Strait of Hormuz are worsening and US-Iran geopolitical tensions are increasing, with uncertainty and fear baked into prices.
US Administration
President Trump says the situation with Iran is "going fine" and that US forces are in "total control" of the Strait of Hormuz.
Key facts
- Current price movement
- Oil is nudging/nearing $90 per barrel
- Potential price level
- Traders question whether $100 per barrel is back on the table
- Key risk areas
- Strait of Hormuz and Red Sea
- US stance
- Trump says the situation with Iran is "going fine" and US forces are in "total control" of the Strait of Hormuz
- Expert view
- Peter McGuire (Trading.com) says conditions are worsening and uncertainty remains front of mind
- Trump's location
- Joint Base Andrews
- Market sentiment
- Fear baked into the price; traders brace for potentially higher prices
Quotes
Peter McGuire
CEO of Trading.com and global oil analyst
“"oil nudges $90 barrel as conditions worsen in the Strait of Hormuz, geopolitical tensions between Iran and US are increasing and market sentiment has fear baked into the price."”
timesnownews.com
Sources
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