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

De-Dollarization Trend Remains Intact

By StevieRay Hansen

Global de-dollarization resumed in the second quarter according to data recently released by the International Monetary Fund (IMF). Read moreStocks Suffer Longest-Losing Streak In Over A Year As…

The SEC Is Making Deutsche’s CEO Personally Responsible For Bank’s Crimes

By StevieRay Hansen

Since launching its last major international expansion push in the late 1990s, Deutsche Bank has become knonw – particularly over the last ten years –…

“Digital Euro” as It Begins Experiments on Digital Currency Launch — the Banking Industry Is Very Concerned Digital Currency Will Kill the Banking Industry

By StevieRay Hansen

As the world obsesses over Trump’s taxes or whether or not he is using oxygen during his covid hospitalization, the biggest overhaul in monetary and…

Financialization & The Road To Zero, Part 1: The Evolution Of Commerce

By StevieRay Hansen

This is Part 1 of a 4-part series. fi·nan·cial·i·za·tion /fəˌnanCHələˈzāSHən, fīˌnanCHələˈzāSHən/ noun The process by which financial institutions, markets et cetera increase in size and…

Former Deutsche Bank Traders Convicted Of Fraud For Spoofing Precious Metals Between 2008 And 2013

By StevieRay Hansen

Former Deutsche Bank AG traders Cedric Chanu and James Vorley were convicted for manipulating gold and silver prices on Friday after three days of deliberation…

Posted in

Stevie Ray

Leave a Reply

Your email address will not be published.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