Trump's Iran Stance Rattles Oil Market; Aramco CEO Reassures Amidst Warship Deployment
Economy
C
CNBC Awaaz•23-01-2026, 17:34
Trump's Iran Stance Rattles Oil Market; Aramco CEO Reassures Amidst Warship Deployment
- •US President Donald Trump's tough stance on Iran and deployment of warships in the Gulf region have heightened global crude oil market panic.
- •Fears of military clash or Iran closing the Strait of Hormuz, a critical oil choke point, caused Brent and WTI oil prices to surge.
- •Saudi Aramco CEO Amin Nasser reassured markets, stating the global oil market is "well supplied" and resilient to disruptions due to diverse supply sources.
- •Analysts suggest closing the Strait of Hormuz would be risky for Iran, as 90% of its oil sales go to China, potentially worsening its economy.
- •Despite initial market jitters, experts like Fitch Ratings and Rystad Energy believe global oversupply and diverse sources can mitigate major supply shocks.
Why It Matters: Trump's aggressive Iran policy caused oil market jitters, but Aramco CEO's reassurance calmed fears of a supply crisis.
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