Oil prices could surge if Iran crisis worsens

LONDON (AFP)

The Islamic republic produces about 3.8 million barrels of crude oil per day and is the third biggest global oil exporter after Russia and Saudi Arabia.

Analysts fear the biggest crisis since the 1979 revolution could force the Iranian government to cut off oil supplies or block the Strait of Hormuz — a crucial passageway for oil tankers.

“There could be a rude awakening (for the oil market) if tensions in Iran escalate further,” said VTB Capital analyst Andrey Kryuchenkov.

AFP