Oil Price Hike From Iran Sanctions Unlikely

CNN Money reported that experts do not foresee a major oil price spike even after it surged almost 2% since Iran vowed to shut down the Strait of Hormuz.

As quoted in the market news:

On Wednesday the noose around Iran’s economy tightened further. Reports said Europe may be close to enacting an outright oil embargo on Iran. About 15% of Iran’s oil exports go to Europe.

Click here to read the full CNN Money report.