The Iranian National Guard has threatened to close the Straits of Hormuz in response to the U.S. removal of waivers for exports for Iranian crude oil. The U.S. military has indicated that it may respond, raising risks for hydrocarbon trade running through the Straits. U.S. exporters of LNG including Cheniere LNG may be beneficiaries. Their exports already increased 54.0% in the three months despite tariff-related cuts in shipments to China. U.S. oil importers from the region inside the Straits excluding Saudi Arabia may face increased competition and prices for replacement sources. Th...