Oil falls 1.6% despite big draw in crude inventories, Mideast tensions

Oil prices fells on Wednesday, erasing earlier gains, despite the Energy Information Administration data showing a big draw in U.S. crude inventories. Brent crude futures fell 50 cents to $63.33 a barrel, while U.S. West Texas Intermediate crude fell 89 cents at $55.88 a barrel. U.S. crude failed to hold above $57.50 per barrel, a key technical level, before giving back its earlier gains, traders said. Sentiment in the oil market has darkened as investors worry about slowing global economic grow


Oil prices fells on Wednesday, erasing earlier gains, despite the Energy Information Administration data showing a big draw in U.S. crude inventories. Brent crude futures fell 50 cents to $63.33 a barrel, while U.S. West Texas Intermediate crude fell 89 cents at $55.88 a barrel. U.S. crude failed to hold above $57.50 per barrel, a key technical level, before giving back its earlier gains, traders said. Sentiment in the oil market has darkened as investors worry about slowing global economic grow
Oil falls 1.6% despite big draw in crude inventories, Mideast tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-24
Keywords: news, cnbc, companies, fell, earlier, despite, strait, market, falls, hormuz, big, tensions, week, inventories, million, barrel, 16, crude, mideast, oil, draw


Oil falls 1.6% despite big draw in crude inventories, Mideast tensions

A Petrobras oil platform floats in the Atlantic Ocean near Guanabara Bay in Rio de Janeiro.

Oil prices fells on Wednesday, erasing earlier gains, despite the Energy Information Administration data showing a big draw in U.S. crude inventories.

Brent crude futures fell 50 cents to $63.33 a barrel, while U.S. West Texas Intermediate crude fell 89 cents at $55.88 a barrel.

U.S. crude failed to hold above $57.50 per barrel, a key technical level, before giving back its earlier gains, traders said.

Earlier in the session, the front-month Brent contract flipped to trade at a discount to the second-month contract, a market structure known as contango, for the first time since March. Sentiment in the oil market has darkened as investors worry about slowing global economic growth weakening demand for oil.

Yet the market was supported by a large drawdown in U.S. crude stockpiles earlier in the session. Crude inventories fell by 10.8 million barrels in the week to July 19, the Energy Information Administration said on Wednesday. Analysts expected a decrease of 4 million barrels.

“Hurricane Barry has shaken up the data for a second week, with lower production and stymied imports leading to a near-11 million barrel draw,” said Matt Smith, director of commodity research at ClipperData.

U.S. oil companies cut some production in the Gulf of Mexico ahead of Hurricane Barry, which came ashore in Louisiana earlier this month.

Meanwhile, some geopolitical risk premium from tensions in the Middle East also helped buoy prices.

A U.S. Navy ship took defensive action against a second Iranian drone in the Strait of Hormuz last week, but did not see the drone go into the water, the U.S. military said on Tuesday.

Iran’s president, Hassan Rouhani, said on Wednesday his country was ready for “just” negotiations but not if they meant surrender, without saying what talks he had in mind.

Also fueling tensions, Britain gained initial support from France, Italy and Denmark for its plan for a European-led naval mission to ensure safe shipping through the Strait of Hormuz following Iran’s capture of a British-flagged tanker.

The military adviser to Iran’s supreme leader was quoted on Wednesday as saying that any change in the status of the Strait of Hormuz, which Tehran says it protects, would open the door to a dangerous confrontation.


Company: cnbc, Activity: cnbc, Date: 2019-07-24
Keywords: news, cnbc, companies, fell, earlier, despite, strait, market, falls, hormuz, big, tensions, week, inventories, million, barrel, 16, crude, mideast, oil, draw


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Iran rejects Trump’s claim that the US Navy destroyed one of its drones

Iran rejected claims that one of its drones has been shot down by a U.S. warship in the Strait of Hormuz. On Thursday, President Donald Trump said that USS Boxer, an amphibious assault ship, took down the drone after it came within 1,000 yards of the ship. I am worried that USS Boxer has shot down their own UAS (unmanned aerial system) by mistake!” Iran’s semi-official Tasnim News Agency, quoted a top Iranian general who also said there were no missing drones or any reports of action by the USS


Iran rejected claims that one of its drones has been shot down by a U.S. warship in the Strait of Hormuz. On Thursday, President Donald Trump said that USS Boxer, an amphibious assault ship, took down the drone after it came within 1,000 yards of the ship. I am worried that USS Boxer has shot down their own UAS (unmanned aerial system) by mistake!” Iran’s semi-official Tasnim News Agency, quoted a top Iranian general who also said there were no missing drones or any reports of action by the USS
Iran rejects Trump’s claim that the US Navy destroyed one of its drones Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: david reid
Keywords: news, cnbc, companies, boxer, destroyed, claim, drone, strait, uss, rejects, iran, drones, trumps, iranian, trump, hormuz, navy


Iran rejects Trump's claim that the US Navy destroyed one of its drones

Iran rejected claims that one of its drones has been shot down by a U.S. warship in the Strait of Hormuz.

On Thursday, President Donald Trump said that USS Boxer, an amphibious assault ship, took down the drone after it came within 1,000 yards of the ship.

“The drone was immediately destroyed,” Trump said at a White House event, adding that the drone was “the latest of many provocative and hostile actions by Iran against vessels operating in international waters.”

However, Iran’s deputy foreign minister took to Twitter to deny that the drone belonged to Iran, even suggesting that it could have been a case of friendly fire.

Abbas Araghchi tweeted: “We have not lost any drone in the Strait of Hormuz nor anywhere else. I am worried that USS Boxer has shot down their own UAS (unmanned aerial system) by mistake!”

Iran’s semi-official Tasnim News Agency, quoted a top Iranian general who also said there were no missing drones or any reports of action by the USS Boxer.

“Contrary to the false claim rooted in Trump’s illusions, all Unmanned Aerial Vehicles (UAVs) of the Islamic Republic of Iran in the Persian Gulf and the Strait of Hormuz … have returned safely to their bases after completing their scheduled reconnaissance and patrol missions,” Brigadier General Abolfazl Shekarchi said in a statement on Friday.

Shekarchi reportedly added that Trump’s drone shooting claim was part of an effort to raise insecurity in the Persian Gulf.

In a further rebuttal, Iranian news agencies carried a statement from Iran’s Revolutionary Guards on Friday that claimed they will soon prove Trump is wrong.

“Soon, images captured by the Guards drones from the U.S. warship Boxer will be published to expose to world public opinion as lies and groundless the claim… of shooting down an Iranian drone over the Strait of Hormuz,” it read.


Company: cnbc, Activity: cnbc, Date: 2019-07-19  Authors: david reid
Keywords: news, cnbc, companies, boxer, destroyed, claim, drone, strait, uss, rejects, iran, drones, trumps, iranian, trump, hormuz, navy


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Here’s why the Strait of Hormuz is the world’s most important oil chokepoint

The Strait of Hormuz is a critical gateway to the world’s oil industry, with more than a fifth of global oil supply flowing through a narrow sea channel used by Gulf countries like Iran, Saudi Arabia and the United Arab Emirates. That’s the equivalent of about 21% of global petroleum liquids consumption — making it the world’s most important oil chokepoint. The EIA defines a chokepoint as a narrow channel along widely used global sea routes that are critical to energy security. Flows through the


The Strait of Hormuz is a critical gateway to the world’s oil industry, with more than a fifth of global oil supply flowing through a narrow sea channel used by Gulf countries like Iran, Saudi Arabia and the United Arab Emirates. That’s the equivalent of about 21% of global petroleum liquids consumption — making it the world’s most important oil chokepoint. The EIA defines a chokepoint as a narrow channel along widely used global sea routes that are critical to energy security. Flows through the
Here’s why the Strait of Hormuz is the world’s most important oil chokepoint Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: sam meredith
Keywords: news, cnbc, companies, narrow, hormuz, heres, shipping, worlds, important, oil, strait, chokepoint, global, channel, energy, used, supply


Here's why the Strait of Hormuz is the world's most important oil chokepoint

The Strait of Hormuz is a critical gateway to the world’s oil industry, with more than a fifth of global oil supply flowing through a narrow sea channel used by Gulf countries like Iran, Saudi Arabia and the United Arab Emirates.

The strategically important waterway links crude producers in the Middle East with key markets across the world.

Daily oil flow in the Strait averaged 21 million barrels per day in 2018, according to the U.S. Energy Information Administration (EIA). That’s the equivalent of about 21% of global petroleum liquids consumption — making it the world’s most important oil chokepoint.

The EIA defines a chokepoint as a narrow channel along widely used global sea routes that are critical to energy security.

Therefore, the inability of oil to transit a major chokepoint, even temporarily, can lead to substantial supply delays and higher shipping costs — resulting in higher world energy prices.

Most chokepoints can be circumvented by using other shipping channels but some, such as the Strait of Hormuz, have no practical alternatives.

Flows through the narrow channel in 2018 made up about one-third of total global seaborne traded oil. More than one-quarter of global liquefied natural gas trade (LNG) also transited the shipping channel last year.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: sam meredith
Keywords: news, cnbc, companies, narrow, hormuz, heres, shipping, worlds, important, oil, strait, chokepoint, global, channel, energy, used, supply


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Iranian oil minister: Iran is not ready to talk to the US until sanctions are lifted

Iran is not ready to engage in talks with the U.S. until sanctions are lifted, an Iranian oil minister told CNBC on Monday. “Iran is not ready to open discussions with United States,” said Iranian oil minister Bijan Zanganeh at the OPEC meeting in Vienna to CNBC’s Brian Sullivan. “If United States and the administration wants to change the environment between the two countries, firstly [it] should leave all sanctions put against Iranian oil and other areas. “The oil market should be depoliticize


Iran is not ready to engage in talks with the U.S. until sanctions are lifted, an Iranian oil minister told CNBC on Monday. “Iran is not ready to open discussions with United States,” said Iranian oil minister Bijan Zanganeh at the OPEC meeting in Vienna to CNBC’s Brian Sullivan. “If United States and the administration wants to change the environment between the two countries, firstly [it] should leave all sanctions put against Iranian oil and other areas. “The oil market should be depoliticize
Iranian oil minister: Iran is not ready to talk to the US until sanctions are lifted Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, ready, iran, iranian, lifted, limit, strait, oil, hormuz, minister, oman, talk, market, sanctions


Iranian oil minister: Iran is not ready to talk to the US until sanctions are lifted

Iran is not ready to engage in talks with the U.S. until sanctions are lifted, an Iranian oil minister told CNBC on Monday.

“Iran is not ready to open discussions with United States,” said Iranian oil minister Bijan Zanganeh at the OPEC meeting in Vienna to CNBC’s Brian Sullivan. “If United States and the administration wants to change the environment between the two countries, firstly [it] should leave all sanctions put against Iranian oil and other areas. Then, [the U.S.] will see significant change in the environment and then we can do many things.”

Tensions between the U.S. and Iran have escalated in recent weeks, following attacks on oil tankers and a U.S. drone near the Strait of Hormuz that the U.S. alleges were executed by Iran. Although Iran denies it carried out the tanker attacks and said the drone was in Iranian airspace, last week, President Donald Trump signed an executive order imposing new sanctions on Iran in response to the downing of an unmanned U.S. drone.

The Strait of Hormuz, a narrow channel between the borders of Iran and Oman, accounts for approximately 30% of the world’s seaborne oil traffic.

When asked if it is safe for tankers in the Gulf of Oman and the Strait of Hormuz, Zanganeh emphasized that the oil market should be depoliticized.

“I don’t know who has done against the ships in Oman but in [the] Iranian side, during the more than 100 years, we secured the market and we repeated it for many times that the market, the oil market, should be depoliticized,” said Zanganeh.

“The oil market should be depoliticized for all,” he said. “Its not a tool to use against some countries to limit its export and others. Oil is oil.”

Iran is OPEC’s third-largest oil producer prior to the reimposition of U.S. sanctions.

Oil prices surged on Monday on reports that OPEC+ is set to extend production cuts and the trade truce between the U.S. and China boosted sentiment for the commodity in a weakening global economy. Prices also got a boost on news that Iran breached its nuclear agreement.

Iran’s Foreign Minister Mohammad Javad Zarif said that Iran breached the limit of its enriched uranium stockpile set in 2015, Reuters reported. Zarif confirmed that Iran had gone over the relevant limit of 300 kg of uranium.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, ready, iran, iranian, lifted, limit, strait, oil, hormuz, minister, oman, talk, market, sanctions


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The world’s largest shipping firm has altered its route through the Strait of Hormuz amid rising tensions

Moller-Maersk has changed the route its ships sail through the world’s busiest transit lane for seaborne oil shipments, citing safety concerns amid a rapid series of escalations between the U.S. and Iran. A surface-to-air missile shot down a U.S. military drone in international airspace over the Strait of Hormuz, a U.S. official told NBC News Thursday morning. The reported drone downing has exacerbated fears that a major military confrontation could soon erupt between Washington and Tehran. “We


Moller-Maersk has changed the route its ships sail through the world’s busiest transit lane for seaborne oil shipments, citing safety concerns amid a rapid series of escalations between the U.S. and Iran. A surface-to-air missile shot down a U.S. military drone in international airspace over the Strait of Hormuz, a U.S. official told NBC News Thursday morning. The reported drone downing has exacerbated fears that a major military confrontation could soon erupt between Washington and Tehran. “We
The world’s largest shipping firm has altered its route through the Strait of Hormuz amid rising tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: sam meredith
Keywords: news, cnbc, companies, rising, assets, firm, changed, strait, amid, safety, largest, hormuz, protecting, worlds, told, route, shipping, ships, tensions, sail


The world's largest shipping firm has altered its route through the Strait of Hormuz amid rising tensions

A.P. Moller-Maersk has changed the route its ships sail through the world’s busiest transit lane for seaborne oil shipments, citing safety concerns amid a rapid series of escalations between the U.S. and Iran.

A surface-to-air missile shot down a U.S. military drone in international airspace over the Strait of Hormuz, a U.S. official told NBC News Thursday morning.

The reported drone downing has exacerbated fears that a major military confrontation could soon erupt between Washington and Tehran.

When asked what steps A.P. Moller-Maersk had taken to protect its assets after the latest flare-up in tensions, the chief operating officer of the world’s largest shipping company said the safety of its workforce would be the top priority.

“We are protecting our assets but, first and foremost, we are protecting and being very careful when it comes to (the) safety of our employees,” Soren Toft told CNBC’s “Squawk Box Europe” on Thursday.

“We have multiple assets, ships (and) people, crossing the Strait of Hormuz every day, every week. So far, we have not stopped serving the area (but) we have changed the path that the ships sail so we have changed the route.”


Company: cnbc, Activity: cnbc, Date: 2019-06-20  Authors: sam meredith
Keywords: news, cnbc, companies, rising, assets, firm, changed, strait, amid, safety, largest, hormuz, protecting, worlds, told, route, shipping, ships, tensions, sail


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Iran oil sanctions: Strait of Hormuz in focus as oil prices rise

Iran has reportedly renewed its threat to close the Strait of Hormuz, the world’s busiest transit lane for seaborne oil shipments, prompting fears about the potential ramifications for oil prices and broader financial markets. President Donald Trump’s administration announced Monday that buyers of Iranian oil must stop purchases by May 1 or face sanctions. In response, Iran’s semi-official Fars News Agency quoted Revolutionary Guards General Alireza Tengseiri as saying that if Tehran was barred


Iran has reportedly renewed its threat to close the Strait of Hormuz, the world’s busiest transit lane for seaborne oil shipments, prompting fears about the potential ramifications for oil prices and broader financial markets. President Donald Trump’s administration announced Monday that buyers of Iranian oil must stop purchases by May 1 or face sanctions. In response, Iran’s semi-official Fars News Agency quoted Revolutionary Guards General Alireza Tengseiri as saying that if Tehran was barred
Iran oil sanctions: Strait of Hormuz in focus as oil prices rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: sam meredith, kaveh kazemi, getty images
Keywords: news, cnbc, companies, sanctions, iran, hormuz, rise, prices, view, focus, crude, irans, oil, response, seaborne, strait, waivers


Iran oil sanctions: Strait of Hormuz in focus as oil prices rise

Iran has reportedly renewed its threat to close the Strait of Hormuz, the world’s busiest transit lane for seaborne oil shipments, prompting fears about the potential ramifications for oil prices and broader financial markets.

President Donald Trump’s administration announced Monday that buyers of Iranian oil must stop purchases by May 1 or face sanctions.

The move, which took many market participants by surprise, ends six months of waivers which had allowed Iran’s eight biggest buyers of crude to continue to import limited volumes.

In response, Iran’s semi-official Fars News Agency quoted Revolutionary Guards General Alireza Tengseiri as saying that if Tehran was barred from using the Strait of Hormuz, they would “shut it down.”

Analysts at Barclays said in a research note published Monday that approximately 20% of all the sea-borne crude and condensates passes through the Strait of Hormuz.

“The short-term upside risk to prices is based on a) our view that Saudi Arabia’s response will likely be lower and slower compared to late last year and b) heightened risks of the closure of the Strait of Hormuz as a result of this action,” analysts at Barclays said.

The bank added that the Trump administration’s decision not to reissue waivers in May did not materially impact its view on longer-term prices.

International benchmark Brent crude traded at $74.17 Tuesday afternoon, up around 0.2%, while U.S. West Texas Intermediate (WTI) stood at $65.90, almost 0.6% higher.


Company: cnbc, Activity: cnbc, Date: 2019-04-23  Authors: sam meredith, kaveh kazemi, getty images
Keywords: news, cnbc, companies, sanctions, iran, hormuz, rise, prices, view, focus, crude, irans, oil, response, seaborne, strait, waivers


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Iranian President Hassan Rouhani threatens to close Strait of Hormuz

Iranian President Hassan Rouhani threatened on Tuesday to close the strait of Hormuz, the world’s busiest sea lane for oil shipments, if the United States moves to block the Islamic Republic’s oil exports. In an interview with Iranian State TV President Hassan Rouhani was quoted as saying: “if someday, the United States decides to block Iran’s oil [exports], no oil will be exported from the Persian Gulf.” The Strait of Hormuz is a key waterway for the transport of oil. In July, Rouhani made simi


Iranian President Hassan Rouhani threatened on Tuesday to close the strait of Hormuz, the world’s busiest sea lane for oil shipments, if the United States moves to block the Islamic Republic’s oil exports. In an interview with Iranian State TV President Hassan Rouhani was quoted as saying: “if someday, the United States decides to block Iran’s oil [exports], no oil will be exported from the Persian Gulf.” The Strait of Hormuz is a key waterway for the transport of oil. In July, Rouhani made simi
Iranian President Hassan Rouhani threatens to close Strait of Hormuz Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: leila gharagozlou, tom dichristopher, iranian presidency, handout, anadolu agency, getty images
Keywords: news, cnbc, companies, hassan, rouhani, threatens, sanctions, irans, iranian, close, waterway, strait, president, iran, oil, nuclear, hormuz


Iranian President Hassan Rouhani threatens to close Strait of Hormuz

Iranian President Hassan Rouhani threatened on Tuesday to close the strait of Hormuz, the world’s busiest sea lane for oil shipments, if the United States moves to block the Islamic Republic’s oil exports.

In an interview with Iranian State TV President Hassan Rouhani was quoted as saying: “if someday, the United States decides to block Iran’s oil [exports], no oil will be exported from the Persian Gulf.”

The Trump administration restored sanctions on Iran’s energy industry on Nov. 5. The administration is trying to choke off Iran’s economy in order to pressure Tehran to accept tighter restrictions on its nuclear program, cease ballistic missile tests and end its support for U.S.-designated terror groups.

The sanctions have already cut Iran’s exports by about 1 million barrels per day, but Rouhani is vowing to continue shipping crude.

The Strait of Hormuz is a key waterway for the transport of oil. In 2016, 18.5 billion barrels of crude passed through the waterway, or about one-third of all seaborne-traded crude oil, according to the U.S. Energy Information Administration.

This is not Rouhani’s first threat of taking such action. In July, Rouhani made similar comments that raised concerns about a confrontation in the Strait of Hormuz.

The Iranian president is facing pressure from hardliners to take a more aggressive stance towards the West since Trump withdrew from a 2015 nuclear accord, Rouhani’s top foreign policy achievement.

Iran has not made a serious attempt to close the strait since the 1980s. Iran threatened to shut down the Strait of Hormuz in 2011 and 2012, as President Barack Obama marshaled support for international sanctions on Iran over its alleged research into nuclear weapons development.

Military planners generally acknowledged that Iran has the capability to temporarily close off the waterway, but say the U.S. would be able to quickly reopen the strait.

John Kilduff, founding partner at energy hedge fund Again Capital, says that the commentary now is “just bluster” and one that oil analysts have heard many times before. However, he said oil prices would spike were the strait to be shut.

Kilduff points out that the closing of the strait wouldn’t just harm global oil industry but, would hurt Iran itself,” it’s not in their best interest to do it, even though they are getting hammered now with sanctions, it could do long term harm to Iran.”


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: leila gharagozlou, tom dichristopher, iranian presidency, handout, anadolu agency, getty images
Keywords: news, cnbc, companies, hassan, rouhani, threatens, sanctions, irans, iranian, close, waterway, strait, president, iran, oil, nuclear, hormuz


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If Iran does something near Strait of Hormuz, reaction will be ‘cataclysmic’: Expert

If Iran does something near Strait of Hormuz, reaction will be ‘cataclysmic’: Expert6 Hours AgoRaul Sankey, Mizuho Oil Analyst, joins the ‘Power Lunch’ team to discuss the impact we could see on crude oil if Iran takes action near the Strait of Hormuz.


If Iran does something near Strait of Hormuz, reaction will be ‘cataclysmic’: Expert6 Hours AgoRaul Sankey, Mizuho Oil Analyst, joins the ‘Power Lunch’ team to discuss the impact we could see on crude oil if Iran takes action near the Strait of Hormuz.
If Iran does something near Strait of Hormuz, reaction will be ‘cataclysmic’: Expert Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-08-03
Keywords: news, cnbc, companies, does, cataclysmic, sankey, team, power, near, strait, hormuz, reaction, expert, iran, oil, takes


If Iran does something near Strait of Hormuz, reaction will be 'cataclysmic': Expert

If Iran does something near Strait of Hormuz, reaction will be ‘cataclysmic’: Expert

6 Hours Ago

Raul Sankey, Mizuho Oil Analyst, joins the ‘Power Lunch’ team to discuss the impact we could see on crude oil if Iran takes action near the Strait of Hormuz.


Company: cnbc, Activity: cnbc, Date: 2018-08-03
Keywords: news, cnbc, companies, does, cataclysmic, sankey, team, power, near, strait, hormuz, reaction, expert, iran, oil, takes


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If Iran tries to close this strait crucial to the oil trade, the US Navy can unblock it quickly — Adm. Stavridis

If Iran closes the crucial Strait of Hormuz one former U.S. admiral with in-depth knowledge of the challenge says the Navy is prepared to unblock it, quickly. “In the event Iran choose to militarily close the Strait of Hormuz the U.S. and our Arabian Gulf allies would be able to open it in a matter of days,” said former Adm. James Stavridis in a telephone interview with CNBC on Monday. While most military planners acknowledge that Iran could temporarily close the straits which serve as a waterwa


If Iran closes the crucial Strait of Hormuz one former U.S. admiral with in-depth knowledge of the challenge says the Navy is prepared to unblock it, quickly. “In the event Iran choose to militarily close the Strait of Hormuz the U.S. and our Arabian Gulf allies would be able to open it in a matter of days,” said former Adm. James Stavridis in a telephone interview with CNBC on Monday. While most military planners acknowledge that Iran could temporarily close the straits which serve as a waterwa
If Iran tries to close this strait crucial to the oil trade, the US Navy can unblock it quickly — Adm. Stavridis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-07-23  Authors: jason gewirtz, kaveh kazemi, getty images
Keywords: news, cnbc, companies, small, waterway, navy, strait, stavridis, trade, tries, crucial, hormuz, unblock, iran, close, attacks, oil, ships, quickly


If Iran tries to close this strait crucial to the oil trade, the US Navy can unblock it quickly — Adm. Stavridis

If Iran closes the crucial Strait of Hormuz one former U.S. admiral with in-depth knowledge of the challenge says the Navy is prepared to unblock it, quickly.

“In the event Iran choose to militarily close the Strait of Hormuz the U.S. and our Arabian Gulf allies would be able to open it in a matter of days,” said former Adm. James Stavridis in a telephone interview with CNBC on Monday.

Beyond his time commanding ships and sailors at sea, Stavridis also served as NATO’s supreme allied commander and as a top Pentagon planner during the early years of the war on terror after the Sept. 11th attacks on the United States before becoming a security analyst for NBC News.

While most military planners acknowledge that Iran could temporarily close the straits which serve as a waterway for an estimated 30 percent of the world’s oil supply, most also agree the U.S. Navy is capable of unblocking the strait.

Iran’s navy is vastly inferior to the U.S. however it possesses hundreds of small but very fast attack boats. Military planners warn Iran is capable of using these vessels to swarm larger and less maneuverable American ships. There’s also fear those boats would be used in waves of “suicide attacks at sea.”

Stavridis’ confidence the U.S. could reopen the Strait of Hormuz is tempered by the possibility of those “small boat attacks” saying that even once the waterway is reopened “there is the possibility of ongoing use of mines and diesel submarines and the use of other surreptitious methods by Iran that would likely close the Strait on and off again, but the U.S. Navy would be prepared for those eventualities.”

Programming note: For more from former Admiral James Stavridis, tune into “Power Lunch” on Monday at 1 p.m. ET.


Company: cnbc, Activity: cnbc, Date: 2018-07-23  Authors: jason gewirtz, kaveh kazemi, getty images
Keywords: news, cnbc, companies, small, waterway, navy, strait, stavridis, trade, tries, crucial, hormuz, unblock, iran, close, attacks, oil, ships, quickly


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