Iran Threatens To Close Crucial Oil Chokepoint


#1

Iran Threatens To Close Crucial Oil Chokepoint - from OilPrice.com


#2

SoTrump is pressing the Saudis to increase crude oil production to drop US gasoline prices and Europeans to stop buying Iranian oil?

Someone should explain that the crude oil market is global, thus removing Iranian oil off the market will offset any Saudi increase, not reducing or increasing total output.

Watch for more incentive to be given to US producers to increase their production, which may drop the WTI price below the breakeven rate for shale oil extraction.

And it is all to win the US mid-term election in Nov., never mind consequences for US or the rest of the world.


#3

It is already self-escalating - the Saudi Iran rivalry will force Irans hand, especially after Trumps tweets:

https://www.hellenicshippingnews.com/iran-threatens-to-stop-hormuz-oil-exports-if-own-crude-cut/

https://www.hellenicshippingnews.com/saudis-lower-most-oil-pricing-as-iran-taunts-trump-on-tweets/

https://www.hellenicshippingnews.com/iran-to-trump-oil-will-cost-100-per-barrel-and-it-is-your-fault/


#4

From here I’d say that gives Trump far too much credit, with regards to the trade war there is no long term plan, or at least not one that makes any sense.

The big money boys wanted their tax cuts and to have regulations removed, they figured the bluster was for the masses and they’d be able to keep him reined in. Looks like they were wrong.

U.S. Chamber of Commerce Hits Trump Tariffs With Opposition Campaign

The U.S. Chamber of Commerce is launching a campaign to oppose President Donald Trump’s trade tariffs, arguing that he’s risking a global trade war that could hurt U.S. consumers, Reuters reports.

The U.S. Chamber of Commerce is as pro-business as it gets.


#5

At least some people see the humor in the whole thing, like the saga of the Peak Pegasus:

PS> According to Marine traffic she arrived Dalian Anchorage at 1707 hrs. LT.