Iran Claims Strong Oil Cards Ahead of Peak Gasoline Demand Season in the US
Iran's parliament speaker claims Tehran holds unplayed oil supply cards, potentially impacting US gasoline prices during peak demand.Summary
Iran's parliament speaker, Mohammad Bagher Ghalibaf, has countered US claims of energy leverage by asserting that Tehran still possesses unplayed supply cards. He framed the situation as a strategic game, highlighting that while Iran's Strait of Hormuz oil exports are significantly reduced, other supply routes remain untapped. Ghalibaf warned that increased US gasoline demand during the summer peak season will exacerbate price pain domestically. Data from Goldman Sachs indicates a severe disruption in Gulf oil production, with exports through Hormuz down approximately 95%. While some recovery is possible if the Strait reopens, full restoration faces challenges and could take months. Meanwhile, former President Trump has asserted US energy independence, urging buyers to turn to American producers and suggesting elevated pump prices may persist through the November midterms, aligning with Ghalibaf's warning about the impact of peak driving demand.
(Source：BeInCrypto)