The Iran War is Shattering the Global Oil Order

Iran Bats Down 'Baseless' Trump Claim On Handing Over Enriched Uranium To US, As He Declares Hormuz 'Never Again' Closed 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; FARS soon after contradicts in fresh threat. Iran's Aragchi says "Strait of Hormuz is declared completely open". However, Iranian official tells FARS: "If the maritime blockade continues, it will be considered a violation of the ceasefire, & the Strait of Hormuz transit route will be closed." US mulls...

NATO Member Spain Closes Airspace To US Planes Involved In Iran Operations Given worsening US-Spanish relations over Washington's pro-Israel policies, this is a big step which is not entirely surprising - Spain has fully shuttered its airspace to US planes involved in attacks on Iran. This is an action significantly beyond its prior controversial policy to deny US use of jointly-operated military bases, and what has also been a long-running ban on ships transferring arms and ammo to Israel. Morón Air Base Spain's Defense Minister Margarita Robles announced on Monday, "We don't authorize either...

US Oil Premiums Hit Record High As World Scrambles For Crude By Charles Kennedy of Oilprice.com The premiums for U.S. West Texas Intermediate crude have soared in the spot market to a record high of between $30 and $40 per barrel above key regional benchmarks as Asia and Europe scramble for supply amid the de facto closure of the Strait of Hormuz. WTI Midland is being offered for July delivery in north Asia at premiums of between $30 and $40 per barrel, depending on the benchmark against which they are marked, trading...