Gains in Oil Prices Extended

Featured Story

BY SRH

Iran’s IRIB claims a fresh thermal anomaly near a Saudi East-West oil pipeline in Yanbu, implying another attack.

No other information or confirmation has been provided. The Ukraine war has attacked Russia’s Ryazan oil plant, 200 km southeast of Moscow, again overnight, causing a fire.

Oil prices rise more.

US Crude Futures Rise Over $2 to Cross $100 Per BBL on Middle East Supply Concerns, Russian Refinery Outage

Russian oil refinery fire images during Trump-Zelensky dispute over Ukraine’s oil and fuel infrastructure attacks.

Iranian President Masoud Pezeshkian reiterated Friday that his country will not submit to force, regardless of Washington’s military coercion or sanctions.

Near the Leaders’ Summit on Biodiversity in Yerevan, Armenia, he spoke. Pezeshkian said US-led sanctions “are beyond humanitarian frameworks and [US] attacks in recent months are unjustifiable and inhumane.”

“Iran is not seeking nuclear weapons, and we consider the destructive propaganda against our country to be lies,” he told Iran’s semiofficial Tasnim News Agency.
Latest Friday, Iran official media reported tanker fire.

We’ve always been eager to talk, Pezeshkian said. They think they can force us to submit, but we won’t.”

In an interview with Newsmax on Thursday, President Trump reiterated his reasons for war, with Iran’s leader responding to his claims that a nuclear weapon would be used immediately. Trump also claimed the conflict would end soon. An interesting exchange with the Newsmax journalist concerned the GBU-43/B MOAB, ‘Mother of All Bombs’ in Iran:

“Well, the mother of all bombs is not nuclear,” Trump replied.

“Not tactical nuclear?” wondered host Rob Finnerty.

No, it’s not nuclear. This is a huge bomb “Trump said. “Like a tiny nuclear bomb. The mother of all bombs is bigger but not nuclear.”

Trump did not specify if he authorized the weapon’s use or identify a target. He stated that the Iran war will soon end. He stated Iran is negotiating with the US and that it will finish shortly. This seems to relate to mediators relaying messages.

Trump’s questionable statement: “They asked us to stop. Because we negotiate with them.” He added that despite Congressional concerns about a prolonged quagmire, he does not anticipate deploying US ground forces into Iran.

Iran has continued to attack international vessels in the Strait of Hormuz, reaching record levels this month.

Iran’s navy said Friday that an oil tanker “caught fire” while crossing a “restricted area” in the Strait of Hormuz.

Iranian navy surveillance teams “discovered and identified a violating oil tanker that had caught fire in the restricted area,” state TV reported. The tanker “turned off its tracking systems and attempted to cross the prohibited area in the Sea of Oman.”

Navy “emphasizes that the consequences of uncoordinated movements in prohibited routes and areas are creating insecurity and many dangers for other vessels,” it stated.

The situation remains stalemated, but the key question is whether Trump has the stomach to take military action before the November midterm elections, as he has threatened.

Iranian strikes on shipping have exceeded two dozen barely half-way through October, yet the US has only occasionally attacked ‘illicit’ Iran-linked shipping in the same waterways.

Oil Prices Today

Gains in Oil Prices

Gains in oil prices refer to an increase in the market value of crude oil. These gains can result from factors such as:

  • Rising global demand
  • Supply disruptions due to political instability or natural disasters
  • Production cuts by oil-producing countries (like OPEC decisions)
  • Market speculation and investor sentiment
  • Geopolitical tensions in major oil regions

Higher oil prices can impact economies worldwide, affecting the cost of goods, transportation, and inflation rates.

 

Don't Miss

“We Are Moving Into The End-Game”: 27 Tankers Anchored Off California, Hundreds Off Singapore As Oil Industry Shuts Down

By StevieRay Hansen

Back in the late fall of 2014, when Saudi Arabia broke up OPEC for the first time and unleashed a torrent of crude oil on…

Front-Month WTI Crude Crashes Below Zero For First Time Ever

By StevieRay Hansen

Over the last several decades, have we ever seen a year start as strangely as 2020 has? Global weather patterns have gone completely nuts, large…

We’re Not Going Back To ‘Normal’…

By StevieRay Hansen

Turn the key and the economy will restart. That’s a myth a lot of people in the mainstream have peddled since governments started shutting down…

JPMorgan Profit Plunges To 7 Year Low On $6.8 Billion In Loan Loss Reserves As Dimon Warns Of “Severe Recession”

By StevieRay Hansen

And so the worst quarterly earnings season since the financial crisis (at least until the catastrophic Q2 earnings) is off, when moments ago JPMorgan reported…

Guggenheim Warns Of Coming Emerging Market Apocalypse: “Pandemic Will Be Followed By Food Shortages, Social Unrest”

By StevieRay Hansen

Global capital markets are not pricing in the growing likelihood that defaults by large corporate borrowers in emerging markets will rise, which will set up…

Posted in

Stevie Ray

Leave a Reply

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