The US May Have Shot Down a Small Hobby Balloon With a Sidewinder Missile

Oil Spikes To Session High As Iraq Starts Shutting Output At Massive Oil Field Here are the most critical developments unfolding in the US-Iran conflict:  Iraq's crude oil output is being significantly curtailed. An update from Iraq specifies a shutdown of 460,000 bpd at West Qurna 2 and a cut of 700,000 bpd at Rumaila, while warning that more than 3 million bpd could be forced offline in the coming days if tanker access remains limited. Export crude bottlenecks are developing across Iraq. Storage at southern export terminals is nearing critical capacity...

Trump Hails Iran's Full Hormuz Reopening, Oil Plunges After He Claims Iran Will 'Never Again' Close Waterway Summary Trump Praises Iran for Fully Reopening Hormuz Chokepoint; Crude Tanks, Yields Dump, Equity Futs Up; Follows by claiming Iran will 'never again' close it Iran's Aragchi says "Strait of Hormuz is declared completely open" US mulls cash-for-uranium deal as 'three-page' MOU peace plan takes shape. Trump claims US will get the 'nuclear dust'. - and all without help of 'Paper Tiger' NATO Peace talks reportedly on Sunday in Islamabad Odds of a permanent peace deal by the...

EV Demand Surges Across Asia After Energy Shock Sends Consumers Into Panic Mode One of the biggest takeaways in global energy markets this week is the growing fragmentation. Brent crude in Asia has surged to over $150 a barrel, with demand destruction already emerging, and China and India facing the greatest pressure given their heavy reliance on Gulf crude. Meanwhile, the Trump administration has moved to release barrels from the Strategic Petroleum Reserve to help cap WTI prices below triple digits, with US crude currently trading around $94 a barrel. And...