Where Data Tells the Story
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While oil futures increased 15% since Israel's attack on Iran, they fell substantially after Iran attacked U.S. military bases on Monday—instead of targeting energy flows.
Yet if Iran closes the Strait of Hormuz, where a fifth of global oil is transported through, oil prices could spike.
The likelihood of this happening remains uncertain, however. Many oil executives believe there is a slim chance of Iran following through on this threat given that it is one of its most powerful bargaining chips.
In sum, this chip will be gone once it is used, putting the country in a particularly precarious position.