On CNBC's Friday broadcast of “Squawk on the Street,” CNBC contributor Helima Croft, global head of product strategy at RBC Capital Markets, said that “five years ago, there were far more significant sanctions in place” against Iranian oil. “We used to do that,” he said, “but now we do.” Iranian crude oil is at its highest price in about six years. I think that's why the White House is now talking about potentially increasing sanctions to get Israel to stop shooting. ”
Croft said: “China is a major buyer of Iranian barrels, but as you mentioned, we saw Iran enforcing even bigger sanctions five years ago. Now, Iranian oil is at an all-time high in about six years. So I think the White House is now talking about potentially tightening sanctions to get Israel to stop shooting. In the event of a disaster, exports of about 1.7 million barrels per day could be made possible.And, again, the bigger problem is that Iran might now try to target ships in the area, for example. I think it means yes. [Strait] Holmes? They did it in 2019. They attacked tankers off the Pacific coast. [the] United Arab Emirates. Will they go after major pipelines in the region? They certainly retain the ability to damage regional energy infrastructure. The question is, what's on their target list? ”
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