The price of oil futures jumped on Monday, with both West Texas Intermediate (WTI) and Brent reaching their highest point since late February, with worries on the supply side growing. Recently, United States President Donald Trump warned that he would slap additional tariffs on Russian crude if Russian President Vladimir Putin continues to stall negotiations to end the war in Ukraine. WTI for May deliveries soared 2.41% at 11:45 am ET, going for $71.27 per barrel. Brent, for the same month settlements, advanced by 1.34% a minute later, selling at $74.71 a barrel.
Iran warns US after Trump’s bombing threat
Iranian Foreign Ministry Spokesman Esmail Baghaei took to X on Monday to denounce the United States after President Donald Trump threatened to bomb his country, warning of “consequences” if Washington resorts to force. “An open threat of bombing by a Head of State against Iran is a shocking affront to the very essence of International Peace and Security. It violates the United Nations Charter and betrays the Safeguards under the IAEA [International Atomic Energy Agency]. Violence breeds violence, peace begets peace,” he wrote. Earlier, Iran’s Supreme Leader Ayatollah Ali Khamenei said the US would receive a “strong response” if it attacked his country.
nn: screw him
France’s M&P confirms its Venezuela license revoked
French oil company Etablissements Maurel et Prom S.A., better known as Maruel & Prom and M&P, confirmed on Monday that the United States Treasury Department Office of Foreign Assets Control (OFAC) revoked the licence given to the company to operate in Venezuela, effective May 27. “M&P is currently assessing the implications of this decision in close consultation with its legal advisors. The Group remains actively engaged with US authorities and continues to monitor the situation as it develops,” the enterprise’s statement read. “It is M&P’s understanding that this action is part of a broader initiative by OFAC affecting both US and international oil companies operating in Venezuela under similar authorisations, pending a possible agreement between the US and Venezuela as the situation continues to evolve.” The statement came after the US revoked the licenses of foreign oil companies operating in Venezuela. Caracas dismissed the decision as illegal and said it is ready to continue cooperating with those firms.
nn: now add russia and iran in essence embargos and you got a oil supply crises building
Gold hits new all-time high of $3,120 on overblown tariff woes
The prices of most precious metals surged on Monday, with gold hitting a fresh all-time high, as market participants sought refuge in the safe-haven asset amid fears that US President Donald Trump’s proposed trade measures would escalate international trade tensions. He intends to announce a fresh set of reciprocal tariffs on April 2. Furthermore, Trump pledged to implement hefty financial sanctions on Russian oil imports unless Moscow agrees to a Ukraine ceasefire agreement within the coming month. Over the weekend, the American leader also said he “couldn’t care less” if foreign automakers raise prices due to tariffs, further propelling the metals rally.
Gold added 1.30% at 5:24 am ET, going for $3,123.21. At the same time, silver improved by 0.86%, selling at $34.39. Platinum gained 0.78%, going for $993.32, while palladium was 0.94% up, trading at $970.19.
nn: sucker play…… suckering in the stupid money….a great short is forming!!
Trump threatens to bomb Iran
Trumps latest comments came during a interview with NBC News on Saturday evening. During the interview, Trump threatened “bombing” and “secondary tariffs” on Iran if the country did not make a deal with the U.S. to ensure it did not develop a nuclear weapon. “If they don’t make a deal,” Trump said about Iran, “there will be bombing. It will be bombing the likes of which they have never seen before.” U.S. and Iranian officials are “talking,” Trump said. However, in a statement on Sunday, Iranian President Masoud Pezeshkian said he rejected direct negotiations with the U.S. over its nuclear program, in the country’s first response to a letter sent by Trump to the Islamic Republic’s supreme leader.
NN: Are you listening
Trump Fumes at Putin | ‘I’m Very Angry, Very Pissed Off!’ | U.S to Impose Tariffs on Russia’s Oil
WASHINGTON — President Donald Trump said he was “very angry” and “pissed off” when Russian President Vladimir Putin criticized the credibility of Ukrainian President Volodymyr Zelenskyy’s leadership, adding that the comments were “not going in the right location.” Agence France-Presse reported that Putin on Friday called for a transitional government to be put in place in Ukraine, which could effectively push out Zelenskyy. “If Russia and I are unable to make a deal on stopping the bloodshed in Ukraine, and if I think it was Russia’s fault — which it might not be — but if I think it was Russia’s fault, I am going to put secondary tariffs on oil, on all oil coming out of Russia,” Trump said in an early-morning phone call with NBC News on Sunday. “That would be that if you buy oil from Russia, you can’t do business in the United States,” Trump said. “There will be a 25% tariff on all oil, a 25- to 50-point tariff on all oil.” The president’s comments come after he had previously criticized Zelenskyy, saying he was “sick” of his handling of the war and falsely calling him a dictator. Trump similarly announced “secondary tariffs” on Venezuela, saying in a post to Truth Social that the tariffs would be placed on countries that bought oil and gas from Venezuela. A few of the top importers of Russian oil products include China, Turkey, Brazil and India, according to an analysis by the Centre for Research on Energy and Clean Air. If Trump uses the same definition of secondary tariffs as he used with Venezuela, these countries could be among those seeing an impact of secondary tariffs. Trump had made ending the war in Ukraine a top foreign policy promise on the campaign trail, leading to meetings between U.S., Ukrainian and Russian officials in the first few months of his second term. Last week, Russia and Ukraine agreed on a partial and limited ceasefire that would allow safe navigation in the Black Sea and halt attacks on each other’s energy facilities. “There will be a 25% tariff on oil and other products sold in the United States, secondary tariffs,” Trump said, noting that the tariffs on Russia would come within a month without a ceasefire deal. Trump said Putin knows he is angry, but noted that he has “a very good relationship with him” and “the anger dissipates quickly … if he does the right thing.” The two men plan to speak again this week, Trump said.
NN: i sure hope you are paying attention here
New US strikes against Houthi rebels kill at least 1 in Yemen
DUBAI, United Arab Emirates (AP) — Suspected U.S. airstrikes pounded Yemen overnight into Saturday, reportedly killing at least one person as the American military acknowledged earlier bombing a major military site in the heart of Sanaa controlled by the Houthi rebels. The full extent of the damage and possible casualties wasn’t immediately clear. The attacks followed a night of airstrikes early Friday that appeared particularly intense compared to other days in the campaign that began March 15. An Associated Press review has found the new American operation under President Donald Trump appears more extensive than those under former President Joe Biden, as the U.S. moves from solely targeting launch sites to firing at ranking personnel as well as dropping bombs in cities. Meanwhile, satellite photos analyzed by the AP show a mysterious airstrip just off Yemen in a key maritime chokepoint now appears ready to accept flights and B-2 bombers within striking distance of the country Saturday. The strikes into Saturday targeted multiple areas in Yemen under the control of the Iranian-backed Houthis, including the capital, Sanaa, and in the governorates of al-Jawf and Saada, rebel-controlled media reported. The strikes in Saada killed one person and wounded four others, the Houthi-run SABA news agency said.
SABA identified the person killed as a civilian. Houthi fighters and their allies often aren’t in uniform. However, analysts believe the rebels may be undercounting the fatalities given the strikes have been targeting military and intelligence sites run by the rebels. Many of the strikes haven’t been fully acknowledged by the Houthis — or the U.S. military — while the rebels also tightly control access on the ground.
One strike early Friday, however, has been confirmed by the U.S. military’s Central Command, which oversees its Mideast operations. It posted a black-and-white video early Saturday showing an airstrike targeting a site in Yemen. While it didn’t identify the location, an AP analysis of the footage’s details corresponds to a known strike Friday in Sanaa. The footage shows the bomb striking the military’s general command headquarters held by the Houthis, something the rebels have not reported.
The Houthi-controlled Telecommunications and Information Technology Ministry in Sanaa separately said U.S. strikes Friday destroyed “broadcasting stations, communication towers and the messaging network” in Amran and Saada governorates. The strikes in Amran around the Jebel Aswad, or “Black Mountain,” had appeared particularly intense. The new campaign of airstrikes, which the Houthis now say have killed at least 58 people, started after the rebels threatened to begin targeting “Israeli” ships again over Israel blocking aid entering the Gaza Strip. The rebels in the past have had a loose definition of what constitutes an Israeli ship, meaning other vessels could be targeted as well. The attacks greatly raised the Houthis’ profile as they faced economic problems and launched a crackdown targeting any dissent and aid workers at home amid Yemen’s decadelong stalemated war that has torn apart the Arab world’s poorest nation. The Houthis have begun threatening both Saudi Arabia and the United Arab Emirates, two American allies in the region, over the U.S. strikes. That’s even as the nations, which have sought a separate peace with the Houthis, have stayed out of the new U.S. airstrike campaign. An AP analysis of satellite photos from Saturday shows the American military has moved at least four long-range stealth B-2 bombers to Diego Garcia in the Indian Ocean — a base far outside of the range of the rebels that avoids using allies’ Mideast bases. Three had been earlier seen there this week. That means a fourth of all the nuclear-capable B-2s that America has in its arsenal are now deployed to the base. The aircraft carrier USS Harry S. Truman has launched attacks from the Red Sea and the American military plans to bring the carrier USS Carl Vinson from Asia as well. Satellite images Friday from Planet Labs PBC show an airstrip now appears ready on Mayun Island, a volcanic outcropping in the center of the Bab el-Mandeb. The images showed the airstrip had been painted with the designation markings “09” and “27” to the airstrip’s east and west respectively. A Saudi-led coalition battling the Houthis had acknowledged having “equipment” on Mayun, also known as Perim. However, air and sea traffic to Mayun has linked the construction to the UAE, which backs a secessionist force in Yemen known as the Southern Transitional Council
NN: as you can see these are significant attacks. and a major military build up. we are headed to serious war. and it will affect oil supplies
Trump says Iran high on his watchlist
United States President Donald Trump stated today that Iran remains “very high” on his list of priorities. He disclosed that he recently sent a letter to the country’s supreme leader, warning of stark choices ahead. “You will have to make a decision,” Trump stated, saying that Washington and Tehran “can talk, or very bad things are going to happen.”
US Consumer Sentiment Sinks as Tariffs Drive Price Expectations
- Long-term inflation views rise to 32-year high of 4.1%
- University of Michigan sentiment index at 57 after 64.7
Consumers expect prices to rise at an annual rate of 4.1% over the next five to 10 years.
US consumer sentiment tumbled this month to a more than two-year low and long-term inflation expectations jumped to a 32-year high as anxiety over tariffs continued to build. The final March sentiment index declined to 57 from 64.7 a month earlier, according to the University of Michigan. The latest reading was below both the 57.9 preliminary number and the median estimate in a Bloomberg survey of economists. Consumers expect prices to rise at an annual rate of 4.1% over the next five to 10 years, the data released Friday showed. That’s the highest since February 1993 and above the 3.9% preliminary reading. They saw costs rising 5% over the next 12 months, the highest since 2022.
US Consumer Sentiment Plunges Over Inflation Concerns Long-term inflation expectations jump to a 32-year high
While the University of Michigan’s long-term inflation expectations have soared this year, other measures have remained steady. The outlook for inflation three years and five years out, according to a Federal Bank of New York consumer survey, was stable last month. During a press conference this month, Fed Chair Jerome Powell largely dismissed the Michigan survey as an outlier for longer-run expectations, and other policymakers have since echoed his remarks. As President Donald Trump’s tariff policy expands, consumers across the political spectrum are growing more worried that the added duties will drive up prices. A prolonged rise in costs could prompt households to cut back on discretionary spending, which has implications for broader economy. “Consumers continue to worry about the potential for pain amid ongoing economic policy developments,” Joanne Hsu, director of the survey, said in a statement. “Notably, two-thirds of consumers expect unemployment to rise in the year ahead, the highest reading since 2009.” Labor market expectations worsened considerably across demographic and political groups in a sign of subdued spending over the coming months, the report showed. Moreover, expectations among high-income consumers sank. “This trend reveals a key vulnerability for consumers, given that strong labor markets and incomes have been the primary source of strength supporting consumer spending in recent years,” Hsu said. Separate figures released Friday showed weaker-than-expected personal spending in February amid a pickup in underlying inflation. The survey showed the expectations index plunged 11.4 points, the sharpest drop since 2021, to 52.6 this month. The current conditions gauge decreased to a six-month low of 63.8.The outlook for personal finances declined in March to a record low.
Mike Huckabee, Trump’s pick for Israel ambassador, tries to distance from past Palestinian rhetoric
WASHINGTON (AP) — Mike Huckabee, President Donald Trump’s nominee for U.S. ambassador to Israel, attempted to distance himself Tuesday from his past controversial statements about the conflict between Israel and the Palestinian people, pledging on Capitol Hill to “carry out the president’s priorities, not mine.” “I am not here to articulate or defend my own views or policies, but to present myself as one who will respect and represent the President whose overwhelming election by the people will hopefully give me the honor of serving as ambassador to the State of Israel,” Huckabee said in his opening statement. Trump nominated Huckabee, a well-known evangelical Christian and vehement supporter of Israel, to take on the critical post in Jerusalem days after he won reelection on a campaign promise to end the now 17-month war in Gaza. But after a brief ceasefire, U.S. and Arab mediators are now struggling to get a ceasefire deal back on track after Israeli forces resumed the war last week with a surprise wave of deadly airstrikes. While Republican senators applauded Huckabee’s staunch support for America’s closest ally, Israel, Democrats questioned his past rhetoric about Palestinians deemed “extreme” by even some pro-Israel groups and contradicting longstanding U.S. policy in the region. The former Arkansas governor acknowledged his past support for Israel’s right to annex the West Bank and incorporate its Palestinian population into Israel but said it would not be his “prerogative” to carry out that policy. “If confirmed, it will be my responsibility to carry out the president’s priorities, not mine,” Huckabee said in response to Democratic Sen. Jeff Merkley’s questions. Huckabee, a one-time presidential hopeful, has also repeatedly backed referring to the West Bank by its biblical name of “Judea and Samaria,” a term that right-wing Israeli politicians and activists have thus far fruitlessly pushed the U.S. to accept. He did not give a clear answer to whether he still stands by that when pushed by Sen. Chris Van Hollen, D-Md. Most notably, Huckabee has long been opposed to the idea of a two-state solution between Israel and the Palestinian people. In an interview last year, he went even further, saying that he doesn’t even believe in referring to the Arab descendants of people who lived in British-controlled Palestine as “Palestinians.” As the situation in Gaza has deteriorated with the recent collapse of the Israel-Hamas ceasefire and hostage release deal, Israeli officials have begun to talk more seriously about reoccupation of the territory, something to which President Joe Biden’s administration had been adamantly opposed. Trump has made his proposals about a potential U.S. takeover of Gaza, which have attracted attention as well as strong criticism from Arab nations and others. When asked about Trump’s plan, Huckabee denied that the president ever said he would “force displacement” of Palestinians from Gaza “unless it is for their safety” and says Palestinians could be incentivized to leave. Even before his hearing started, Democrats and some pro-Israel groups voiced their opposition to his nomination, saying that his views on the conflict are “extreme” and “counter to Americans’ interests.” “Huckabee’s positions are not the words of a thoughtful diplomat — they are the words of a provocateur whose views are far outside international consensus and contrary to the core bipartisan principles of American diplomacy,” Rep. Jerry Nadler, a senior Jewish Democrat, said in a statement Monday. “In one of the most volatile and violent areas in the world today, there is no need for more extremism, and certainly not from the historic ambassador’s post and behind the powerful seal of the United States.” Jeremy Ben-Ami, president of the pro-Israel group J Street, which has previously criticized the Biden and Trump administrations’ handling of the war, echoed that sentiment, saying that Huckabee’s views “would undermine American interests and the administration’s own stated commitment to pursuit of long-term regional peace and security.” He added, “Mr. Huckabee’s embrace of annexation, extremist settlers and fanatical Christian Zionism stands in stark contrast to the Jewish, democratic values held by the overwhelming majority of our community — and in stark contrast to Israel’s founding values of justice, equality and peace.”