Concerns that Iran could destabilize the global oil markets waned on Monday as the country’s retaliatory strikes on the United States broadly signaled that the regime wishes to de-escalate the Middle Eastern conflict.
Tensions remain high, however, and analysts warn that Iran could take steps that would still place upward pressure on prices without jeopardizing its revenue and supply chain.
Iran is one of the top 10 oil producers worldwide and sits along the narrow Strait of Hormuz. This water route is critical to the global transportation of crude oil, as roughly one-fifth of global daily oil production passes through the strait every day.
Shutting the strait
Following the U.S.’s attack on three nuclear sites in Iran on Saturday, fears grew that the country could strangle
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