A crude tug of war on the global oil market

This image is a birds eye view of an oil tanker being sprayed with water from a smaller boat.
An Iranian navy boat tries to control the fire on Norwegian-owned Front Altair tanker. Photo: Tasmin News/AFP/Getty Images

Two big forces are tugging on the global oil market: the weakening global economy and rising geopolitical tensions over tanker attacks in the Gulf of Oman.

Where it stands: The weakening economy is carrying a lot of weight despite the spike in tensions from the U.S. blaming Iran for yesterday's violence near the Strait of Hormuz, which is the world's biggest oil choke point.

The grand fall of Venezuelan oil

Reproduced from a chart by the U.S. Energy Information Administration; Chart: Axios Visuals