Iran’s Ministry of Intelligence reached out to the United States Central Intelligence Agency (CIA) through another country’s spy agency one day after the US and Israeli attacks began to discuss terms for ending the conflict, The New York Times reported on Wednesday, citing Middle Eastern officials and officials from a Western country briefed on the outreach. According to the report, the US officials are “sceptical” of either US President Donald Trump or the Iranian surviving leadership being ready to make a deal, while Israeli officials reportedly urged Washington to ignore Iran’s outreach.
Oil is Iran’s Weapon of Choice
In a Skandinaviska Enskilda Banken AB (SEB) report sent by the SEB team on Tuesday, SEB Chief Commodities Analyst Bjarne Schieldrop warned that “oil is Iran’s weapon of choice, and the U.S. gasoline pump is part of the battlefield”
. “Iran’s Revolutionary Guard Corps last evening declared the Strait of Hormuz for closed and that the military will set any ship on fire if it tries to pass the Strait,”
“Iran is also escalating its retaliatory strikes across the region. Yesterday it was mostly unclear what retaliatory path Iran would take. Would oil, oil installations, and the Strait of Hormuz be part of it or left alone? Now we know,” he added. “Oil is Iran’s weapon of choice and it is aimed straight at President Trump’s Midterm elections. An important part of the battlefield for Iran is thus at the U.S. gasoline pump,” he continued. Schieldrop warned in the report that Brent is now unavoidably heading to $100 per barrel and above “unless Trump finds some kind of offramp, or in other words backs down”. “So far however, his response seems to be to double down. Extending the expected 4-5 weeks to instead ‘whatever it takes’. He is digging in. And while he is doing that, the U.S. retail gasoline prices shoot higher,” he added. Schieldrop stated in the report that Iran may not be able to keep the Strait of Hormuz fully closed but added that “constant risk of strikes, and thus choking and reduced flow, will do plenty good to spike the oil price higher”. According to the AAA Fuel Prices website, the average regular gasoline price in the U.S. is $3.109 per gallon, as of March 3. Yesterday’s average was $2.997 per gallon, the week ago average was $2.951 per gallon, the month ago average was $2.883 per gallon, and the year ago average was $3.097 per gallon, the site showed. In a blog posted on its website on March 2, GasBuddy noted that, according to its data, the U.S. average price of gasoline “has risen 5.6 cents over the last week and stands at $2.94 per gallon”. “The national average is up 7.8 cents from a month ago and is 10.1 cents per gallon lower than a year ago,” GasBuddy added in the blog. The company pointed out in the blog that the most common U.S. gas price encountered by motorists stood at $2.79 per gallon, which it said was up 10 cents from a week ago. GasBuddy stated in the blog that the median U.S. gas price is $2.79 per gallon, which it noted was up four cents from last week and about 15 cents lower than the national average.
“The national average price of gasoline has climbed for a fourth straight week, driven primarily by seasonal tightening and broader market dynamics,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in the blog.
“Looking ahead, markets will now begin reacting to this weekend’s U.S.-Iran attacks, which have elevated geopolitical risk premiums even in the absence of immediate supply disruption,” he added. “Oil prices have firmed as traders assess the potential for further escalation, and while fundamentals such as inventories and refinery activity remain important anchors, the risk of broader instability – particularly involving key transit routes – has injected fresh uncertainty into energy markets,” he continued.“In the week ahead, gasoline prices are likely to face heightened upward pressure as seasonal trends continue and markets navigate this evolving geopolitical landscape, with the national average poised to reach the $3 per gallon mark for the first time this year,” De Haan went on to state.
NN: I firmly believe Brent will hit at least $100 a barrel
Trump: Iran would’ve made nukes in 1 month, with no US strikes
United States President Donald Trump stressed on Tuesday that if Washington didn’t strike Iran’s nuclear sites in 2025, the country would have made “a very powerful nuclear weapon within one month.” Speaking to reporters, Trump insisted that Iran is “evil,” saying that its regime killed 35,000 of its citizens. “Iran is a bad seed. Something had to be done,” he remarked. Talking about energy in relation to the current war with Iran, the US head of state said that it is true that it is affecting both oil and gas, further noting that he hopes the end to the situation will come “as soon as possible,” so that prices could drop.
Oil up, Brent reaches $85
Crude oil prices continued to surge on Tuesday due to supply risks driven by the Middle East conflict, with European benchmark Brent surpassing $85 per barrel for the first time since July 2024. Brent for deliveries in May jumped 7.19% and went for $84.85 per barrel at 6:23 am ET, while West Texas Intermediate (WTI) for settlements in April gained 7.69%, going for $77.33 per barrel.
Drones strike fuel tank at Omani port
The Omani port of Duqm was targeted by several drones on Tuesday, with one of them hitting a fuel tank, according to the state news agency Oman Observer, citing security sources. The damage to the tanker was brought under control without any casualties, and the authorities condemned the attack, noting that “necessary measures” will be taken to deal with the incident. The port was previously targeted on Sunday, with drones attacking a mobile worker accommodation unit and injuring one of the workers, without causing material damage to any of the fuel tanks.
NN: The wounded lion is in its death throes, violently lashing out. Soon the beast will be dead. Between now and hat happy day gas and oil prices will soar!
European gas prices soar 33%
European natural gas prices experienced a surge on Tuesday, driven by a joint combination of factors stemming from escalating tensions in the Middle East. Following the start of US and Israeli attacks in the region, the Strait of Hormuz was formally closed and China issued urgent safety recommendations for vessels, while Qatari LNG exports remained completely halted. The market reacted to these risks, which threaten a critical artery for global energy trade.
For April contracts, Dutch TTF natural gas futures surged 29.9% to €57.840 per megawatt hour, at 8:54 am CET. For the same month’s deliveries, the UK natural gas futures skyrocketed by 33.92% to 147.430 pence per therm at 8:54 am CET. am CET.
NN: European gas reserves are below 25% of capacity depleted because of winter gas heating season. These are critical low. The scramble for supplies is on. Europe has vast untapped gas supplies. Thank you greeniewinnies fagots woke asshioles commie Iran and Hamas supporters.
They are having bad times since their evil agenda is literally blowing up in their faces…
More to come…
IRGC declares Strait of Hormuz closed
Adhviser to the commander of Iran’s Revolutionary Guard Corps, Ebrahim Jabari, declared on Monday that the Strait of Hormuz has been officially closed amid the ongoing conflict between Iran and the United States.
NN: Told you so.. buy more oil
Fitch: Strait of Hormuz likely to be closed during Iran crisis
Fitch Ratings shared in its latest release posted on Monday that it expects the Strait of Hormuz to be closed for the duration of the Middle East conflict, due to “direct physical blockage, [and] vessels being unable to secure insurance or other threat-related factors.” “Saudi Arabia and the UAE have pipelines that can allow much of their production to bypass the Strait and all key oil exporters have oil in storage away from the region. There is still likely to be some near-term hit to oil and gas activity, particularly for Bahrain, Kuwait and Qatar, which lack supply routes that can bypass Hormuz, and Iraq, whose exports are heavily reliant on the route,” Fitch detailed. The conflict is also expected to have near-term effect on non-oil economic activity, including air travel, consumer activity, tourism etc. Fitch noted, however, that the effect on economic growth should be “temporary.”
NN: Your damn straight the straights will be closed
Oil skyrockets 12% as Iran war intensifies
Oil prices jumped sharply in early trading on Monday as the war involving Iran escalated and traders priced in higher risks to regional supply and shipping. The surge comes as traders focus on the risk of disruption around the Strait of Hormuz and other key routes, where even the threat of delays can tighten supply expectations. Brent’s jump is its biggest in four years, since the start of the Ukraine war.
West Texas Intermediate for April settlement was last at $74.38, up $7.36 or 10.98%. Brent for May rose to $81.04, up $8.56 or 11.81%, after briefly hitting $81.89.
Saudi confirms Ras Tanura refinery damaged
Saudi Arabia confirmed on Monday that the Ras Tanura refinery suffered minor damage from debris after two drones were intercepted in the area. There were no casualties, according to the Defense Ministry. Saudi Arabia’s state news outlet, the Saudi Press Agency, said that some operational units at the refinery were shut down as a precaution, but that the measure will not negatively impact oil supply to local markets.