Oil price declines despite tensions over Strait of Hormuz

The relationship between the US and Iran has become very cold, and the conflict looming over the globally key oil route is putting downward pressure on oil prices.

As the world watches tensions develop between the US and Iran over the Strait of Hormuz, oil prices have declined slightly – both North Sea Brent and WTI crude.

The US Navy is prepared to ensure passage through the straight so that the oil trade can continue unimpeded, announces the US Central Command, according to Reuters. This follows the Iranian Revolutionary Guard's announcement that it would, if necessary, block seaborne oil transports through the Strait of Hormuz.

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