RBN Energy exec says Iran isn’t likely to close the Strait of Hormuz
RBN Energy Manager Rusty Braziel told Jim Cramer from CNBC on Monday that Iran will close the Hormuz Strait, a vital oil transport.
“If they finally cut them, they’il cut themselves,” Braziel said. “So, unless things become much more terrible than they appear, it’s not likely to happen.”
Following the US attack on Iran’s key nuclear areas, there are concerns that the country may threaten to close its throat. A report Iran said that the parliament’s closing from the state’s press TV on Sunday. The CNBC could not define the report independently.
According to Braziel, Iran threatened to close the Hormuz Strait when a major conflict has emerged for more than 20 years. He said that the district has never closed because Iran has a lot to lose from such an action by saying that Iran exports 1.7 million barrels a day throughout the Bosphorus. The market also concluded that Iran will not close the Strait, Braziel said that oil prices have fallen on Monday.
If Braziel would close the Iranian Strait and remove the oil from the market, the commodity price would rise. However, he added that so many barrels will make exports more valuable.
Braziel is also the US restrictions ETANE TRADE IN CHINA CARRY CAUSES serious problems for exporters. Ethane is a natural gas used to produce various substances, including plastic. Production in the US has exploded in recent years and sends most of its exports to China. Braziel said that new regulations make global customers more reluctant to buy other energy products.
“Actually, we armed it, and Sunday knows it.” He said. “And that means that the market no longer looks at the US energy commodity exporters as a reliable supplier. This is bad.”
