What's at stake for oil markets as U.S. strikes Iran [Los Angeles Times (CA)]
IG GROUP HLDGS PLC S/ADR (IGGHY)
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Source: Los Angeles Times
The Islamic Republic itself pumps about 3.3 million barrels a day, or 3% of global output, making it the fourth-largest producer in OPEC. But the nation wields far greater influence over the world's energy supplies because of its strategic location. Iran sits on one side of the Strait of Hormuz, the shipping lane for about a fifth of the world's crude from key suppliers including Saudi Arabia and Iraq. While the waterway remains open, some oil tankers were avoiding sailing through following the attacks and ships were piling up on either side of the entrance, tracking data compiled by Bloomberg show. Oil markets are closed for the weekend, and there was no initial information on whether the attacks on Iran and the country's retaliatory strikes across the region Saturday targeted any energy assets. Here are the pressure points to watch in oil as events unfold. Iran's production Iran produces about 3.3 million barrels of oil a day, up from less than 2 million barrels a day in
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