How will US, Israeli strikes on Iran affect oil markets?
CNA
The main risk to the oil market remains a blockade of the Strait of Hormuz, which connects the Gulf to the Gulf of Oman and which Iran has frequently threatened to paralyse.
LONDON: The US strikes against Iran could severely disrupt the global supply of crude oil and send prices soaring to levels not seen in years.
AFP looks at the risks.
Iran remains just inside the world's top 10 oil producers even though its output has fallen sharply since the 1970s, hit in particular by rounds of US sanctions.
"In 1974, Iran was the third-biggest producer in the world after the US and Saudi Arabia, and ahead of Russia, producing some six million barrels per day," Arne Lohmann Rasmussen, chief analyst at Global Risk Management, told AFP.
Today, Iran produces about 3.1 million barrels per day, according to the oil-producing cartel OPEC, of which Iran is a member.
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