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

2/2/24: Regional Bank Stocks Are Crashing Again…

By StevieRay Hansen

by Tyler Durden Yesterday it was NYCB that grabbed the headlines and spoiled Powell’s day. Read moreSecond ex Barclays banker convicted in London Euribor re-trialAs…

2/1/24: Senator Sherrod Brown Takes on the Fed’s Support of Wealth Stripping the Middle Class

By StevieRay Hansen

By Pam Martens and Russ Martens: Read moreSatan Soldiers Will Stop at Nothing: Inside Wall Street’s Plan to Start Trading America’s Natural ResourcesSenator Sherrod Brown Smart Americans…

1/31/24: JPMorgan Chase Has Used the Same Auditor for 58 Years, Despite Giant Frauds at the Bank in the Last Nine Years

By StevieRay Hansen

By Pam Martens and Russ Martens: Read moreSecond ex Barclays banker convicted in London Euribor re-trialJamie Dimon Sits in Front of Trading Monitor in his Office (Source:…

1/30/24: The Fed Has a Dirty Little Secret: It’s Been Allowing the Wall Street Mega Banks to Calculate their Own Capital Requirements

By StevieRay Hansen

By Pam Martens and Russ Martens: Read moreSnyder: “Brace For Impact!” The US Economy Is Going Down, And It’s Going Down Hard…Michael Barr, Vice Chair for Supervision,…

1/29/24: Us Bankruptcies Surged 18% in 2023 and Seen Rising Again in 2024

By StevieRay Hansen

(Reuters) – U.S. bankruptcy filings surged by 18% in 2023 on the back of higher interest rates, tougher lending standards and the continued runoff of…

Posted in

Stevie Ray

Leave a Reply

Your email address will not be published.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