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

Banks Brace For A Historic Crash With Record Loss Provisions

By StevieRay Hansen

For many years after the financial crisis, US commercial banks were mocked when instead of generating earnings the old-fashioned way, by collecting the interest arb…

Another Iconic Deflationist Capitulates: According To Russell Napier, “Control Of Money Supply Has Permanently Left The Hands Of Central Bankers

By StevieRay Hansen

One by one the world’s legendary deflationists are taking one look at the following chart of the global money supply (as shown most recently by DB’s…

Doug Casey On COVID Brainwashing: “Look, Hysteria Is The Problem; Not The Flu Itself”

By StevieRay Hansen

Recently, gold bug and investor Doug Casey sat down with Kenneth Ameduri of Crush the Street. Casey jumped right in saying the breakdown of the United…

Rabobank: “Markets Are, Across The Board, Totally Divorced From Reality. Facts No Longer Matter”

By StevieRay Hansen

Make It So! Back in the 1980s, there was a lot of discussion at my college about “post-modernism”. At that point, it was in a…

How Deutsche Bank Helped Con The Public Into Believing In Wirecard

By StevieRay Hansen

By Tyler Durden More reporting on the Wirecard situation has emerged over the long weekend in the US, and none of it is flattering. Read moreFront-Month WTI…

Posted in

Stevie Ray

Leave a Reply

Your email address will not be published.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