Projectiles Hit Two Supertankers Exiting Hormuz As Brent Tops $92, Diesel Crack Breaches $100

Iran "Laying Traps" And "Building Up Defenses" On Kharg Island, Preparing For U.S. Ground Attack Iran has recently bolstered its defenses around Kharg Island, anticipating a possible US move to seize the key oil export hub, CNN reported this week. The island is vital to Iran’s economy, handling roughly 90% of its crude shipments, and has become a focal point in escalating tensions. The Trump administration has explored the option of sending US forces to take control of the island as leverage to pressure Iran into reopening the Strait of Hormuz....

The Elephant In The Canadian Room Authored by Victor Davis Hanson via American Greatness, At first glance, the current American-Canadian trade "war" is absurd. We are neighbors with a long history of close friendship, speak the same language (for the most part), and spring from the same British civilization. Nearly one million Canadians reside in the United States. Given the two countries' natural affinities, Canadians are nearly indistinguishable from Americans. Both sides have reasonable grievances over trade policy. Americans don't like Canada's perennial trade surpluses of more than $50 billion in a supposedly free-trade zone. They...

China's 70% EV Target Deals Another Blow To Oil Demand Authored by Tsvetana Paraskova via OilPrice.com, China aims to have electric and hybrid vehicles account for as much as 70% of all passenger car sales by 2030, in a massive transport shift set to further dent oil demand for road fuels. As of the end of last year, the share of the so-called new energy vehicles was 54% of all passenger vehicle sales. In the new five-year plan for the automotive industry compiled by nearly a dozen Chinese government agencies, China also targets...