Kudlow Says Tensions In Mideast With Iran Not Impacting Oil Prices

Tensions in the Middle East involving Iran have not had an impact on the oil market, White House National Economic Adviser Larry Kudlow told reporters at the White House on Tuesday

WASHINGTON (UrduPoint News / Sputnik - 18th June, 2019) Tensions in the middle East involving Iran have not had an impact on the oil market, White House National Economic Adviser Larry Kudlow told reporters at the White House on Tuesday.

"Iranian threats or even actions have had no impact on oil prices," Kudlow said.

Oil prices fell by more than one percent on Monday but many experts said the move was tied to poor Chinese enconomic figures.

Kudlow highlighted the United States' posture in the world oil market is strong and noted that it is approaching a production rate of nearly 12 million barrels a day.

On Thursday, two oil tankers, Kokuka Courageous and Front Altair, suffered explosions and fires in the Gulf of Oman near the Strait of Hormuz.

While the causes of the incident remain unknown, the United States claimed that Iran had attacked the vessels, albeit without providing any evidence to support its claims.

The US military subsequently released a video showing alleged Iranian forces removing an unexploded mine from one of the tankers, but the footage did not show any boat Names or flags that could help substantiate the claims. Three color photos were released on Monday that still did not provide any proof except showing a hole in a vessel and a number of unidentifiable persons standing in a boat alongside the ship.

Iranian officials have categorically denied US allegations and have accused Washington of conspiring with allies such as Israel and Saudi Arabia in staging the incidents.