Iran may not be one of the top oil producers, yet its actions continue to influence oil prices. Here’s the reason
Oil Prices Climb Amid Rising Tensions with Iran
Crude oil prices moved higher on Friday as President Donald Trump issued fresh warnings to Iran, fueling worries about potential disruptions in global oil supplies.
Although Iran is not among the world's top oil producers—producing roughly 3.4 million barrels daily, according to Kpler—its output is significantly less than that of the United States and Saudi Arabia, which produce about 13.5 million and 9.5 million barrels per day, respectively, based on figures from the U.S. Energy Information Administration and OPEC.
Nevertheless, recent unrest in Iran, triggered by a sharp decline in the value of its currency, the rial, and President Trump’s remarks hinting at possible U.S. intervention, have heightened market concerns about the stability of oil supplies from the region.
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