IRGC Navy Turns Back Containership Seeking Hormuz Passage As Iran Starts Charging $2 Million Toll

Futures, Gold Jump As Yields Fall Despite Surging Oil As Recession Fears Surpass Inflation Concerns Futures are higher despite continued Iran war escalation which pushed Brent higher by around 2% after Iran-backed Houthi militants in Yemen joining the war on Iran’s said, bouncing from overnight lows which may be driven by positioning, but also by a major shift in the regime with oil now rising instead of falling on higher oil prices as the market pivots to price in not inflation but recession (and look at the spike in gold/bitcoin...

IEA Delivers No SPR Action After Extraordinary Meeting As Crude Jawboning Mania Enters Day Two Update (1514ET):  For a second straight day, G-7 leaders attempted to push crude prices lower with headlines about an "emergency meeting" to discuss a possible Strategic Petroleum Reserve (SPR) release aimed at containing Brent and WTI crude prices. However, by late afternoon in New York, the Financial Times reported that the International Energy Agency (IEA) had concluded the meeting without reaching a decision on a coordinated release of crude stockpiles. Today's slide in Brent and WTI was...

Black smoke filled the skies, and water mixed with oil rained down on the Iranian capital of Tehran on Sunday, following a US-Israeli strike that blew up oil facilities, marking a new escalation of the bombing campaign. The Israeli military said on Saturday that it struck “several fuel storage complexes” around the city, and according […]