Finance

Iran tanker seizure shows oil ‘broken barometer’ for Mideast tension

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Last week shows that oil prices are not the indicator for Middle East tensions they once were, and worries about global demand and growing U.S. production has changed that dynamic.

One of the energy industry’s greatest concerns has been that a Mideast conflict could disrupt oil traffic in the key Strait of Hormuz, a narrow waterway through which about a fifth of the world’s oil moves.

Yet, after Iran seized a British oil tanker Stena Impero there on Friday, for alleged marine violations, and temporarily stopped a second one, oil prices moved slightly higher, not with the velocity that might have been seen during other periods of tension.

“What I find amazing is oil has become a broken…



Source cnbc.com

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