Who would have expected this?
The US bombed Iran over the weekend. Naturally, the SP500 rose 2% on Monday-Tuesday while Crude Oil fell 12% and the hashtag#Volatility Index $VIX crashed 15%. Just as everyone predicted… Source: Charlie Bilello
Oil prices fall 5% after Trump says China can continue buying oil from Iran.
“China can now continue to purchase Oil from Iran,” Trump said in a post on his social media platform Truth Social. “Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!” Trump threatened in May to ban any country that buys Iranian oil from doing business with the U.S. China purchases the vast majority of Iran’s oil exports. Source: CNBC
BREAKING: Crude Oil
Absolute Rug Pull in Crude Oil now plunging back below its 200D moving average tonight Source: Barchart
Oil Cheat Sheet.
Source: Menthor Q @MenthorQpro
⚠️ President Trump just put out these comments about oil and energy
President Donald Trump on Monday demanded that “everyone” needs to “keep oil prices down” or they would play “into the hands of the enemy.” ➡️“EVERYONE, KEEP OIL PRICES DOWN. I’M WATCHING! YOU’RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON’T DO IT!,” the president said in a post on his social media platform Truth Social. Trump’s message comes after his decision to bomb Iran’s key nuclear sites over the weekend has put the world on edge that the Islamic Republic might target energy supplies in the Middle East. It wasn’t clear who specifically Trump was speaking to in his post, though he was likely addressing the U.S. oil industry. Some oil companies had warned earlier in the year that they might have to cut production after prices tumbled to multiyear lows on Trump’s tariffs and OPEC+ boosting supply. ➡️“To The Department of Energy: DRILL, BABY, DRILL!!! And I mean NOW!!!,” Trump said in a subsequent post on Monday.
⚠️Middle East oil shipping costs are SPIKING:
Persian Gulf-Japan tanker rates hit $55k/day, the highest in over a year, while East Africa routes hit $40k, a multi-month peak. Costs doubled in 2 weeks amid the Israel-Iran conflict.
Oil drops on signs conflict may space Iranian crude production
Oil fell as the conflict in the Middle East has so far avoided disrupting crude production and the Wall Street Journal reported that Iran privately expressed willingness to deescalate hostilities with Israel. West Texas Intermediate tumbled as much as 4.9%, after spiking higher at the open, after the newspaper said Tehran would be open to returning to the negotiating table as long as the US doesn’t join the attack. The development quelled fears that a protracted conflict would engulf a region that produces around a third of the world’s crude. Source: Bloomberg
Oil jumped as much as 14%
- biggest daily gain in more than 5 years - as Israel launched a series of airstrikes in Iran, and escalated the long-simmering conflict between the two nations into a full-on war. ➡️ The strikes targeted sites linked to Iran’s nuclear enrichment program, as well as top scientists Fereydoun Abbasi-Davani and Mohammad Mehdi Tehranchi, both of whom were killed, Iranian media reported. ➡️The commander-in-chief of Iran’s Islamic Revolutionary Guard Corps, Hossein Salami, was also killed in a strike. ➡️Netanyahu says attacks would ‘roll back’ Iran threat ➡️Tehran vows retaliation against Israel and US ➡️Washington distances itself from ‘unilateral’ attack. Trump said he will to convene National Security Council meeting. ➡️Oil prices jumped more than 10% as traders anticipated tighter supply. ➡️Gold is up 1.5% at $3,450. S&P 500 futures are down -1.5%. Bitcoin is down 3% at $104k
