US continues to drain SPR to export oil to Asia
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But so far, US sticks continue to shrug off higher oil prices. On Monday, Deferred Brent (Dec 2026) - see below black line (inverted) - hit a new Iran war high. The S&P 500 (green line) has been moving up for 5 weeks in a row and was only down -0.4%. Source: zerohedge
- Dozens of neutral vessels from countries with no role in the conflict have been stuck in the Strait, running low on food and supplies - Trump says the U.S. will guide them safely out as a humanitarian gesture - Trump warned that any interference with the process "will have to be dealt with forcefully" - He added that U.S. representatives are having "very positive discussions" with Iran and that talks could lead to something positive for all sides Will Iran allow this or will they start firing on ships crossing and talking up their mines again?
China just officially told its companies to ignore US sanctions on Iranian oil and keep buying. China bought more than 80% of all oil Iran exported in 2025. The US sanctioned five Chinese refineries and froze their assets to stop this. China's response was to issue a formal government order stating the sanctions "shall not be recognised, implemented, or complied with." The US is trying to cut off Iran's oil revenue to pressure Tehran. China just made that strategy impossible to enforce. Source: Bull Theory

