Is Iran keeps threatening to block Hormuz Strait, crude oil prices are rallying worldwide. It should be noted that Iran is one of the largest exporter of crude oil in the world. That is why any issues with exports of oil from that country push oil prices up. However, some experts say that the threats to block Hormuz Strait are nothing but bluffing.
In the meantime, Iran’s mass media keep reporting that the local powers will block the strait if the West continues blocking Iran’s oil export. The supply of crude oil through Hormuz Strait makes up 40% of the global supplies.
According to the Department of Market Sentiment Analysis of , the CRUDE OILLIGHT SWEET futures contract has slowed down its rally and will probably continue its movement within the wide range between $93 and $103:
The H1 chart shows that the price has broken the downward sloping channel. In case the price consolidates above $102, the next target will be $104.
