Oil Slips as U.S. Crude Stockpiles Show Surprise Build
On Wednesday, an Iranian Revolutionary Guards commander said Tehran might block oil shipments through the Strait of Hormuz.
A blockade of the strait, through which roughly 30 percent of all seaborne oil travels, would have "dramatic consequences for global oil supply and an impact on prices that is almost impossible to put into figures," Commerzbank said in a note.
The U.S. Navy stands ready to ensure freedom of navigation and free flow of commerce, a spokesman for the U.S. military's Central Command said.
(Reporting by Ayenat Mersie Additional reporting by Stephanie Kelly in New York; Dmitry Zhdannikov and Shadia Nasralla in London; Editing by David Gregorio and Leslie Adler)
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