As the unexpected oil drain surges to 6.1 million barrels—the most in two months—the US SPR falls below 300 million barrels functional limit. Trouble!!

Featured Story

On Monday, oil prices climbed on global markets due to concerns that a resolution to the impasse between Iran and the United States may take some time to materialize. This impasse has essentially blocked the Hormuz Strait, thru which 20% of the world’s hydrocarbons are typically transported.

In early afternoon trade in London, the benchmark Brent contract for October delivery was up $1.08 at $84.63 a barrel, while the price for September delivery of American oil was up 84 cents at $79.02 a barrel. This came after Tehran denied any conversations with Washington.

In remarks made on Sunday nite, Iranian Foreign Minister Abbas Araghchi contradicted statements made by senior American officials, including President Trump, who had said that progress on reopening the crucial canal was imminent. Even tho they weren’t meeting in person, Araghchi did note that the two sides were communicating.

Trump stated his belief that Iran would eventually back down because to the immense economic and inflationary pressures imposed on it.

Mohammad Bagher, head of Iran’s supreme national security council, had earlier said that the strait would stay closed until the US agreed to Iran’s six demands, which included ending hostilities, paying war reparations, lifting sanctions, and unblocking frozen Iranian assets.

Don't Miss

Peter Schiff: QE Is A Monetary Roach Motel

By StevieRay Hansen

This Is Not a Printing Press! (Or Is It?) Rene Magritte’s 1929 painting “The Treachery of Images,” depicts a tobacco pipe with a caption that…

Goldman Sachs Banker Arrested For Insider Trading Scheme

By StevieRay Hansen

Goldman Sachs has avoided staying out of the insider trading spotlight for about a year. But on Friday, new court documents reveal that an investment banker at…

Investors Panic-Sell Saudi Stocks As Bear Market Erupts

By StevieRay Hansen

Paul wants to steer Timothy away from that trap. In doing so, he tells him the real source of “great gain;” namely, godliness with true…

Economists Puzzled By Surge In US Money Supply

By StevieRay Hansen

Uncertainty incites a dash to cash, which we’ve seen at an accelerated pace beginning about five months ago, amounting to $887.4B; In the two weeks…

Central Bank Issues Stunning Warning: “If The Entire System Collapses, Gold Will Be Needed To Start Over”

By StevieRay Hansen

It’s not just “tinfoil blogs” who (for the past 11 years) have been warning that a monetary reset is inevitable and the only viable fallback option…

Posted in

Stevie Ray

Leave a Reply

Your email address will not be published. Required fields are marked *