"According to Energy Secretary Chris Wright, the U.S. Navy is not ready to begin escorting oil tankers through the Strait of Hormuz. "It'll happen relatively soon, but it can't happen now," Wright said. "We're simply not ready. All of our military assets right now are focused on destroying Iran's offensive capabilities and the manufacturing industry that supplies their offensive capabilities.""
""Get ready for oil to be $200 a barrel, because the oil price depends on regional security, which you have destabilised," Ebrahim Zolfaqari, spokesperson for Iran's military command, said. Not helping, three more foreign ships were hit last night - and until that's brought under control, the idea of $200 oil is real."
"Iran's new Supreme Leader, Mojtaba Khamenei, said all U.S. military bases in the Middle East should close immediately because those bases will be attacked. The closure of the Strait of Hormuz should be continued as a "tool to pressure the enemy," he added."
Oil prices have risen to $93.62 as escalating tensions in the Strait of Hormuz create market uncertainty. Energy Secretary Chris Wright stated the U.S. Navy cannot yet escort oil tankers through the strait, with assistance expected by month's end. Iran's military spokesperson warned of potential $200 oil prices if regional security deteriorates, while Iran's new Supreme Leader demanded closure of U.S. military bases in the Middle East. Three foreign ships were hit recently, intensifying concerns. Stock markets declined significantly: S&P 500 down 0.8%, Dow down 1%, and Nasdaq down 0.77%. JPMorgan recommends positioning long in energy stocks like USO and FCG until strait security improves.
Read at 24/7 Wall St.
Unable to calculate read time
Collection
[
|
...
]