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Iran officially threatens to close the Bab al-Mandeb Strait "if the situation gets out of control," per Reuters.
Details include:
1. Iran says the "entire region and Saudi Arabia will fall into darkness" if the US attacks Iran's power plants
2. The IRGC said it would not hesitate to retaliate if the US targets civilian facilities
3. The Bab al-Mandeb Strait currently accounts for ~12% of global seaborn trade
4. If Bab al-Mandeb is shut, we believe $150/barrel oil is a possibility
Trump's deadline is now less than 10 hours away.
#OilPricesRise
#TrumpIssuesUltimatum
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