While tensions seem to be easing over Iran after their temper tantrum in the Straits of Hormuz, the oil market now is focused on growing tensions in the North Sea. These tensions do not involve a conflict between countries but a conflict between Norway's Statoil and Norway's oil labor union the oil industry association. While the strike has been going on for only 12 days, already it seems Statoil has had enough and said it would lockout all workers at midnight on Monday. That would essentially shut down all of Norway's oil production removing close to 1.2 million barrels of oil from the world supply. News of the lockout sent oil soaring just after it was starting to calm after Iran's bluster and blow. The move takes oil higher again after short traders exited at the end of the last quarter afraid that this holiday week would provide more than just fireworks.
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