"I'm not talking about conspiracy theories."

"You basically shut them off economically. They cannot support China. They cannot..." 

"We do not believe in closing the Strait of Hormuz at all." 

All of this comes just weeks before President Trump’s upcoming trip to Beijing, and with the...

Iron Maiden makes the turn.

Oh?

"Further to the announcement by QatarEnergy to stop production..." 

"The tanker was likely en route to China..." 

"... that would start to tighten global supply-demand and open up more volume opportunities for US producers." 

Asian refiners, particularly state-held majors heavily dependent on Middle East oil supply, are considering slashing crude run rates by up to 30% amid the war...

Brent’s premium to the Middle East’s Dubai benchmark has blown out to its widest level since 2022, confirmation that the global oil market is squarely trading on disruption...

"A major fire broke out at Fujairah port, UAE, one of the world's largest oil storage facilities..." 

A level critics argue borders on ridiculosity.

Frozen. 

...history tells us that the crucial aspect is considering the sensitivity of oil price changes to the duration of the conflict (or disruption).

"The attack on Saudi Arabia's Ras Tanura refinery marks a significant escalation..." 

Today's oil surge - which is fading fast - is not that big in the grand scheme of geopolitical conflicts...

Fires were still burning at key oil transit site Monday morning...

And it's heating up...

Oil is set to open more than 10% higher, with WTI trading around $75 and Brent set to rise over $80.