Tidbits, Iran, Corn Marketing: Capture Carry, FOB 6/23/25
- Wright team
- Jun 23
- 5 min read
Tidbits
U.S. Secretary of State Marco Rubio on Sunday said it would be “economic suicide” for Iran to close the Strait of Hormuz because the Iran’s oil also passes through the strait. Iran is the third-largest oil producer in OPEC, pumping 3.3 million barrels per day. It exports at least 1.6 million bpd, with nearly 80% sold to China.
TankerTrackers.com Sunday afternoon:
"Iranian tankers are still loading crude oil, and today’s satellite imagery shows additional Iranian and foreign tankers approaching Iranian oil terminals even after last night’s air strikes on Iran’s nuclear facilities. We have visually identified the latest ones."
The U.S. Fifth Fleet is stationed in Bahrain to protect maritime trade in the Persian Gulf. Oil market participants generally believe the U.S. Navy would swiftly vanquish any attempt by Iran to block the Strait of Hormuz.
West Texas Intermediate crude oil futures opened Sunday evening up $4.16 at $78.00, went to $78.40 and within 20 minutes was down to $76.05.
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