A shipping revolution and a U.S. plan to impose targeted crude sanctions against Iran is likely to prompt wild swings in the oil price over the coming months, Vopak's chief executive told CNBC on Friday.
Energy market participants are currently seen weighing bullish factors that include potential supply disruptions to Iranian crude exports against more bearish indicators, such as the darkening global economic outlook and a resurgent U.S. dollar.
International benchmark Brent crude traded at around $72.07 on Friday afternoon, up almost 1 percent, while U.S. West Texas Intermediate (WTI) stood at $65.77, up more than 0.5 percent.
"With new sanctions coming into play and also the IMO 2020, we see there is more volatility and therefore more opportunities to trade. So, we see our customers taking, slowly but surely, positions for that to happen," Eelco Hoekstra, CEO of Vopak, told CNBC's "Squawk Box Europe" on Friday.