Oil Tankers Are Waiting It Out Near The Strait Of Hormuz As Iranian - Saudi Tensions Escalate

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Map showing the world's crude oil tankers

Bloomberg: Iran, Saudi Arabia Square Up Across World's Busiest Tanker Route

* Largest concentration of oil tankers located near Hormuz
* Strait of Hormuz world's most important oil chokepoint: EIA

There are several reasons why escalating tensions between Iran and Saudi Arabia make markets nervous. One of them is that they sit on either side of the Persian Gulf, the world’s biggest concentration of oil tankers.

At the mouth of the Persian Gulf is the Strait of Hormuz, the world’s most important choke point for oil shipments, with about 17 million barrels of crude passing through daily, according to the U.S. Energy Information Administration. Oil prices jumped more than 3 percent.

WNU Editor: Insurance companies, oil tanker owners, oil companies, financial institutions, governments, .... everyone is nervous.