Iranian strikes burn oil tankers, despite Trump's claims to have won war
Two oil tankers caught fire in an Iraqi harbor on Thursday, after being hit by a boat suspected to be laden with explosives. This was a new attack that has cut off Middle East oil and defied Donald Trump’s claim of having?won' the war launched two weeks earlier.
Images that were verified as having "been filmed" from the shores of Basra port showed massive orange fireballs lighting up the night skies, following the attacks Iraqi authorities had blamed on Iranian vessels. One crew member died.
Three other ships were also struck by missiles in the Gulf a few hours earlier. Iran's Revolutionary Guards have claimed responsibility for one of these attacks. The Guards claim that a Thai bulk ship was set on fire after it disobeyed orders. A container ship was also reported to have been hit by an unidentified projectile on Thursday near the United Arab Emirates.
The U.S. and Israeli bombing campaign that began at the end February has killed more than 2,000 people. According to the International Energy Agency, this war is the largest disruption of global energy supply in history.
GLOBAL ENERGY SUBSTRATES DISRUPTED
More drones have been reported flying in Kuwait, Iraq and the UAE on Thursday, as well as Oman and Bahrain. This contradicts U.S. claims and Israeli claims that they had destroyed a large part of Iran's long-range arsenal. Hezbollah, the Iran-backed militia in Lebanon, launched its largest volley ever of rockets at Israel during this war. This prompted Israel to launch new strikes on Beirut.
The price of oil has risen back to $100 per barrel after falling earlier this week, when Trump announced that the war was over soon. Iran says it won't let oil pass through the Strait of Hormuz, the world's main energy trade route that runs along its coastline, until U.S. attacks and Israeli attacks stop.
Citibank announced Thursday that it will temporarily close its branches in the UAE. This announcement comes a day after Iran warned Middle East residents not to go within 1,000 meters of banks. HSBC closed branches in Qatar.
TRUMP SAYS "WE WON"
This week, U.S. president Trump, whose Republican Party aims to retain control of Congress after an election in the fall, repeatedly tried to calm down energy markets by saying that the recent surge in oil prices would be short-lived.
He hasn't explained how the conflict will end or provided a plan for reopening the blockaded strait. U.S. officials and Israeli officials claim the goal is to destroy Iran’s missile and nuke programmes. But Trump has demanded Iran’s “unconditional surrender” and the right to choose its leaders.
You never want to announce too soon that you have won. Trump said, "We won" at a rally of the campaign type in Hebron Kentucky on Wednesday. "It was over in the first hour."
He said that the United States "virtually" destroyed Iran. He added, "We don't wish to leave too early." We have to finish this job."
Residents in Iran said that security forces are increasing their presence in the streets to demonstrate their continued control.
"Security is everywhere. More than ever before." "People are afraid to go out, but the supermarkets are still open," Majan, a 35-year-old teacher from Tehran, told me by phone.
U.S. Intelligence, according to three sources, indicated that Iran’s leadership is still intact and does not appear at risk of collapsing any time soon.
Israel and the United States called on Iranians rise up and topple their clerical leaders. Some Iranians openly celebrated Ayatollah Khamenei's death, which occurred on the first day of the war. His security forces had murdered thousands of antigovernment protesters back in January. There has been no organised anti-government protests while the country is being attacked.
TEHRAN SEEKS A PROLONGED ECONOMICAL SHOCK
Iran has made it clear in the last two days that their strategy is to create a long-lasting economic shock, to force Trump back.
On Wednesday, the spokesperson for Iran’s military command warned that oil prices could reach $200 per barrel. The highest oil price ever was $147.27, in July 2008, just weeks before the global economic crisis.
The sharp rise in oil prices on Thursday came despite an announcement made the day before that developed countries were releasing 400 million barrels from their strategic oil reserves, with nearly half coming from the United States.
This is the largest coordinated intervention ever on the oil market. Trump claimed that it would "substantially lower oil prices" as we ended this threat to America.
The release of the reserves could take several months and only three weeks' supply from the blocked strait.
Futures contracts for two and three month out indicate traders expect the price to?ease over the coming months. However, this is not as quickly as they had expected just a few days ago.
Analysts at ING said that the only way oil prices can trade lower is if oil flows through the Strait of Hormuz. If we fail to act, the market's highs will still be ahead of us.
(source: Reuters)
