Trump Goes Quiet As Mossad Warns CIA Of Iranian Plot To Kill Him With Explosive Drones

"Absolutely Unprecedented": Diesel Crack Spread Hits Record As Refined-Products Crisis Arrives Brent and WTI futures remain below $100 a barrel on Tuesday morning, partly suppressed by governments releasing strategic oil reserves into global markets. But the more serious issue is building downstream, where the Russia-Ukraine war, strikes against energy infrastructure, and continued disruptions around the Strait of Hormuz are fueling the refined-products "perfect storm" we have repeatedly warned about. Oil extended gains this morning, with Brent trading around $91 a barrel after another vessel attack was reported near the Hormuz...

Xi In Rare Egypt Visit Blasts 'External Interference' In Mideast, As Iran War Drags On Chinese President Xi Jinping in a rare trip to the Cairo told his Egyptian counterpart on Wednesday that "external interference" in the Middle East should be opposed, Chinese state media reported. Talks in the Egyptian capital between Xi and Egyptian President Abdel Fattah El-Sisi were a first in a decade. Interestingly, Xi at one point pledged Beijing was willing to help protect maritime shipping - though it's anything but clear what specifics would look like, or...

First Major Weather Organization Declares El Nino Onset As Food Inflation Risks Intensify For months, we have warned readers that the probability of El Niño formation was rising, with downstream risks across critical agricultural growing belts. That forecast has now moved from a risk scenario to reality, as the first major weather body has formally declared the onset of this warming pattern in the equatorial Pacific, threatening to disrupt rainfall, temperatures, crop yields, power demand, and commodity flows into year-end. Bloomberg commodity expert Javier Blas wrote on X, "The Japanese...