Major UAE Fujairah Port In Flames As Iran Vows Escalation For Kharg Island Attack

Graham Calls For 'Short But Forceful' New Strikes On Iran, Complains Waiting For 'Status Quo' Talks Looks Weak At a moment the US-Iran ceasefire is officially on life support, and with the world's most critical energy chokepoint remaining blocked while the American consumer is paying the price at the pump, beltway hawks are calling for renewed major military action to 'solve' the standoff. Foremost among them, Senator Lindsey Graham, hit the Sunday news circuit to urge President Trump to rip up the current playbook and resume US major military strikes on Tehran....

Early Returns Show Surprises In California As Other States Wrap Up Update (0030ET): Voters in six states went to the polls today for key primaries. While many races followed expectations, California delivered notable early drama with slow-counting mail ballots still to come. California Governor (Top-Two Primary) The race to replace term-limited Gov. Gavin Newsom remains the biggest story. In a crowded nonpartisan jungle primary, early returns (approx. 45-50% counted) show: Steve Hilton (R) leading at ~26.7% Xavier Becerra (D) close behind at ~25.8% Tom Steyer (D) trailing at ~19.6% Chad Bianco (R) is further back. If trends...

Traders Are Shorting Oil As If The Hormuz Crisis Is Over Authored by Tsvetana Paraskova via OilPrice.com, Oil traders are increasingly betting on lower prices, with short positions in Brent crude tripling since late March despite the loss of roughly 13 million bpd of supply from the Middle East. Physical market fundamentals are tightening rapidly, as global inventories have fallen by about 250 million barrels and key storage hubs like Cushing are approaching critically low levels. Analysts warn the market may be underestimating supply risks, with even a reopening of the Strait of...