Trump’s US is protected from retaliation in Iran’s oil market, experts explain
Former US ambassador for NATO Kurt Volker discusses whether an attack on Iran against the US will change the Middle East with “Varney & Co.”
Volatility may be plaguing the oil and energy markets in the aftermath of our strike in Iran, but one expert shows that America remains protected from retaliatory actions that could backfire one of its great enemies.
“Iran overestimates their hands here,” said the Independent Women’s Forum Energy and Sennation Director Centre. Gabriella Hoffman told Fox News Digital on monday.
“People will see it politics in the energy market and transport of fuel through those regions,” she added. “And that will open the door to more countries than we want to make an energy deal with, so they don’t rely on Iran, China or other bad actors.”
Late Saturday, President Donald Trump launched a shocking attack on three Iranians The most prominent nuclear site. He spoke publicly to the country, confirming that Iran’s nuclear enrichment facility has been “completely wiped out.”
Wall Street Journal: Trump meets in Iran in a moment
Television in Iranian states reports that Congress has approved measures to close the Strait of Hormuz. If Iran’s National Security Council is also passed, it could have a major impact on 20% of the world’s oil liquid or around 20 million barrels per day.
On April 30, 2019, Iranian naval soldiers were on an armed speedboat in the Persian Gulf near the Strait of Hormuz just south of Tehran. (Getty Images)
“We need to increase the activity there. We see how much oil and gas is being transported in the Strait of Hormuz, the US. It’s not a massive amount. It’s even more concerning for people in the Asian market,” Hoffman responded.
“We are beginning to increase domestic production here. Strategic oil reserves are being replenished. If any unexpected events or effects arise from these strikes, we see a bit of buffering and protection in the US,” the expert continued. “They play on fire… There’s a source of concern, but I think we’re much more insulated for any retaliation.”
Gabriella Hoffman, the Independent Women’s Forum Center for Energy and Conservation Director, will talk about Fox News Digital and taxpayer costs if lawmakers do not completely abolish the IRA green tax credit during the settlement.
Secretary of State Marco Rubio said about Fox News “The future of Sunday mornings” Blocking the waterway was a “severe mistake” and “economic suicide,” urging Beijing to “call Iran (Iran) and rely heavily on the Straits of Hormuz.”
“China will be happy,” Hoffman said. “Of course they’re going to blame the US, but I think they’ll be the countries we’ve been trying to build relationships in the Middle East (UAE, Qatar, Saudi Arabia). And they’re getting mad and they’re going to be doing this, they’ll create more pressure than they need.”
Responding to the attack, Crude oil rose early trading Monday.
West Texas intermediate crude oil futures jumped 4%, exceeding $76 per barrel before returning to the $74 per barrel level around 8am. International benchmark Brent crude rose to more than $77 a barrel.
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Patrick De Hahn, head of gasbuddy’s oil analysis, says the rise in gas prices due to the potential Iranian closure in the Strait of Hormuz “will not last long.”
“In the short term, we’ll probably see a spike in gas prices, but we’ve already begun to rise due to summer fuel blends,” Hoffman said. “I hope the tension is removed.”
“But I think we have a lot of guarantees. There’s more supply here. We have national security interests, the Department of Defense. They make sure there is no threat to our supply. So they are also highly vigilant.
The U.S. Department of Energy did not immediately respond to Fox News Digital’s request for comment.
The Fox Business Team contributed to this report.