Oil Prices Plunge as Trump Rules Out Iran Strikes Before Midterms
Gasoline Prices Set October Record Even as National Average Slips Speculative positioning is already extremely… The leading economics blog online covering financial issues, geopolitics and trading.
President Trump just issued a new Truth Social Post Thursday just after noon time (eastern), wherein he declared "we will not be attacking Iran at any time prior to the Midterm Elections" in November.
Oil dropped on the statement (though is still up on the day)...
The full Trump post below, wherein Trump also claims that active discussions with the Iranians are still happening, and that oil is "flowing in record numbers"...
and Israeli officials say Iranian leaders are deeply suspicious of Trump's statements.
The officials said Iranian leaders want to avoid a third surprise attack, reportsAxios.
To recall,The Atlanticreported late Wednesday that the Pentagon is preparing strike options for the Commander-in-Chief to consider, and that Trump may actually pull the trigger before the midterm elections - though the report emphasizes that the decision was still beingdebated: After months of on-again, off-again fighting, the United States hasn’t struck Iran in several weeks.
The stretch of relative tranquility is coinciding with the final phase of the midterm-election campaign, and the assumption has been that President Trump will want to keep it going through November 3 so as not to remind voters of an unpopular war that is dragging Republican candidates down nationwide.
The White House has asked the Pentagon to develop strike options against Iranian targets that could be exercised ahead of the midterms, according to two administration officials.
The planning underscores just how much the president wants to reduce gas prices and demonstrate progress in the conflict before the vote, administration officials told us.
And yet a renewed outbreak of direct bombing would likely actually serve to do the opposite, given oil prices have tended to shoot up on headlines of major direct escalation.
Reports out of Iran confirmed earlier Wednesday that negotiations are 'stalemated' - also as the Iranians have ramped up targeting tankers with drones in the Strait of Hormuz over the last week.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
Comments
Post a Comment