A few oil related comments from Reuters, some from last week:
U.S. oil workers leave Iraq after air strike on Iranian leader
U.S. citizens working for foreign oil companies in the southern Iraqi city of Basra were leaving the country on Friday, the oil ministry said, after a U.S. air strike killed a top Iranian commander in Iraq. Hours after the killing of Iranian Quds Force leader Qassem Soleimani and Iraqi militia commander Abu Mahdi al-Muhandis, who was with him, the U.S. embassy in Baghdad urged all its citizens to leave Iraq immediately.
The reliance of Middle East oil to the US has been on the decline over the past couple of years where Crude volumes have been seen dropping by more than 40% from 2018 to 2019. According to Refinitiv Oil Research, Middle East oil (Crude/Condensate/Fuel) exports through the Strait of Hormuz to the Americas in 2018 averaged 1.58 million bpd, while for 2019 it averages at a mere 0.899 million bpd. According to the EIA, the Arab Gulf accounted for a quarter of all crude imports into the US in 2012, which has dropped to 18.9% in 2018. Iraq has been the sole Middle-East producer who has been able to increase their volumes to the US in the past four years and as of 2018, account for 6.7% of all US crude imports. With the sanctions being threatened on Iraq, the oil market remains extremely volatile as the events unfold in the Middle East ( This information indicates less reliance on middle east and thus less of an Impact on the price of CL)