Gulf states have postponed a crunch meeting with Iran
Gulf states postponed a planned meeting with Iran in Oman aimed at managing shipping through the Strait of Hormuz, due to lack of consensus among GCC members. The meeting would have been the first GCC-Iran ministerial gathering in nearly two years, focused on a Tehran-Muscat deal to temporarily manage traffic through the strait, which Iran has restricted since the US-Israel war against it began in February. Oman's foreign minister announced the postponement without details, citing commitment to dialogue. Bahrain, hit hard by Iranian retaliatory strikes and holding the GCC presidency, had already said it would skip the meeting. The setback comes as Saudi Arabia faces a separate crisis: a Thursday drone attack, launched from Iraq where Iranian-backed militias operate, forced closure of a pipeline carrying oil from its eastern fields to the west coast. That pipeline has become critical for Saudi exports since Hormuz traffic was disrupted. Source : FT
“A large bank” will be sanctioned by the U.S. next week
“A large bank” will be sanctioned by the U.S. next week, U.S. Treasury Secretary Scott Bessent said Thursday, without naming the financial institution nor the country. The announcement comes after Trump’s administration sanctioned the Dubai branches of the second largest bank in Egypt (Banque Misr) which is believed to have given Iranians $1.8 billion of funds. Turkey’s largest bank “that had been giving to the Iranians” will also be closed, according to Bessent. Source: CNBC
With just 60 days until the US midterms, the pressure on the White House is intensifying.
Diesel at $240 a barrel. Gasoline at $4.10 a gallon. The US 10-year yield at 4.75%. As the economic pain mounts, the President will face growing pressure to do—or say—whatever it takes to bring oil prices down. Source: Brad Moseley
Iran war risk is still there
Source: Bloomberg Economics
PRESIDENT TRUMP says he's NOT trying to force Iran to the bargaining table and "couldn't care less" if they sign a deal.
"When are the Iranian people going to rise up and fight?" Source: Bull Theory
There has never been a less popular war, a result of the president's unserious approach to the war and his refusal to rally the people or congress.
Source: Mike Nelson
In case you missed it... Canada to double existing counter-tariffs on US steel and aluminum products to 50%, in addition to other tariffs on furniture, clothing, and electronics.
Source: Kevin Gordon
President Trump says tariffs on Canada will be increased to 50% on “all cars, trucks, both large and small, automotive parts, and steel” on January 1st 2027
“Canada will be treated like a state no longer” Source: TrendSpider
