BlackMask Breaking News

NN: What really upsets me is all champagne going to waste. The good news is we got to buy even more oil.

Iran’s military has said it will close the Strait of Hormuz in response to the US maintaining its blockade, Iranian state media reports. Iran’s foreign minister said on Friday the Strait of Hormuz would “completely open” to commercial ships for the remainder of the ceasefire. Shortly after, Donald Trump said the strait was “completely open and ready for business” but that the US blockade of Iranian ports would continue until a peace deal is reached. The BBC’s chief international correspondent Lyse Doucet is reporting from Tehran on condition that none of her material is used on the BBC’s Persian Service. These restrictions apply to all international media organisations operating in Iran. 

The Iranian military announced on Saturday that the Strait of Hormuz has “returned to its previous state,” after the Iranian government agreed to open it yesterday. An Iranian Armed Forces headquarters spokesperson said that the decision was made in response to the United States’ continued blockade of Iranian vessels in the strait, accusing the Trump administration of “repeated breaches of promise that are part of their track record.” According to the Iranian Tasnim news agency, the spokesperson said that, “until the US puts an end to the complete freedom of movement” for vessels to and from Iran, the situation in the Strait of Hormuz “will remain under strict control and in its previous state.”

NN: Good thing they saved the cork on the Champagne.. See i got all these holes one where shit  comes out. But i got these 2 holes were bullshit comes in called my ears. I tend to ignore these holes.  I have learned to trust my eye holes. So when me bullshit entry holes told me the straights were opened  I did two things and with my eyeholes and  checked my live satellite feed on the movements in the straights. When my eyeholes confirmed what i  suspected was more bullshit in my earholes…. I bought  more oil! Did you let them make a idiot of you?

Iranian Foreign Minister Abbas Araghchi announced on Friday the reopening of the Hormuz Strait to commercial vessels following a ceasefire between Israel and Lebanon. “In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire, on the coordinated route as already announced by Ports and Maritime Organisation of the Islamic Rep. of Iran,” Araghchi said. Previously, Pakistani Prime Minister Shehbaz Sharif praised the recent ceasefire agreement, while US President Donald Trump declared that the war in Iran should end pretty soon.

NN: Besides the fact gulf production has been cut in half due to war time damage. They forgot to  mention the US is still embargoing Iranian oil shipments. How long do you think Iran will let the good times roll?

International Energy Agency (IEA) Executive Director Fatih Birol said on Thursday, Europe has “maybe 6 weeks or so” of jet fuel left if supplies through the Strait of Hormuz remain blocked, warning that flight cancellations could come soon. “In the past, there was a group called ‘Dire Straits.’ It’s a dire strait now, and it is going to have major implications for the global economy. And the longer it goes, the worse it will be for the economic growth and inflation around the world,” Birol said in an interview with The Associated Press.  The comment also comes amid broader concern about real shortages in physical fuel supplies. If disruptions through the Strait of Hormuz continue, the impact could spread beyond aviation to transport, energy costs, and the broader economy.

NN: Typical EURO screw up. Run out as jet fuel as summer vacations season gets started. 

United States Defense Secretary Pete Hegseth confirmed on Thursday that the country’s Treasury Department is “launching operation ‘Economic Fury'” against Iran. This will “maximize economic pressure across the entirety of the government,” Hegseth detailed at a press conference, telling Iran to “choose wisely.” He repeated that the US army stands ready to continue fighting if Tehran chooses “poorly.” According to the Treasury, the operation will target “regime elites like the Shamkhani family that attempt to profit at the expense of the Iranian people.”On blocking Iranian ports and the Strait of Hormuz, Hegseth underlined that the blockade will be maintained “for as long as necessary.”

NN: The US can easily survive this blockade. Iran can not. They do not have the storage which means they have to shut down their oil wells severely damaging them. They are a one trick oil economy.

Extreme volatility in crude futures prices has eased in recent days, although the market reacted with an 8% jump early Monday to the news of failed U.S.-Iran talks and the beginning of a U.S. blockade of the Strait of Hormuz.

Traders continue to react to any signal of how the worst-ever disruption energy market would unfold, but with uncertainty still very high, oil market participants bet on and try to predict movements. The worst of the volatility may have passed, as investors and speculators appear to have exhausted their capacity to respond to the constantly shifting narratives of the Trump Administration, analysts say. It appears that the oil market is gradually becoming used to the price swings in either direction that follow each post of U.S. President Donald Trump regarding Iran, the state of negotiations, or the navigability status of the Strait of Hormuz, the key oil chokepoint which handled about 20% of daily global oil and gas flows before the war. Moreover, the U.S. blockade raises the value of keeping the Iran-aligned Houthis in Yemen out of the war, Meyersson said. “Both the US and Iranian sides have once again signalled the extent of their respective entrenched positions,” Meyersson noted. “As such, given the time constraints and likely ongoing military preparations on both sides, absent a diplomatic breakthrough, the road to continued warfare remains open.” Oil futures traders are betting on how they believe the conflict would unfold, hoping for the best but wary of the worst. Still, they are a bit better prepared to handle all the conflicting signals they are being given by the hour.

Not prepared are the physical crude markets, where prices have soared to near all-time highs or record-highs, including compared to the 2008 price rally just before the financial crisis.

The sharp decline in crude futures last week was likely primarily driven by an overcrowded long position, rather than any meaningful easing in underlying fundamentals, which continue to point to a tightening physical market, Ole Hansen, Head of Commodity Strategy at Saxo Bank, said on Monday. Crude futures were trading slightly lower than $100 per barrel as of Tuesday morning. But the price of physical crude for immediate delivery has soared amid the supply constraints and is about $40 per barrel more expensive than the futures. Brent futures may have sunk below $100 per barrel, but constraints are intensifying amid the supply shock, with the physical price of a key North Sea blend, Forties, surging last week to a record high of as much as $147 per barrel. The surge in physical crude prices reflects the massive supply shock, with about 10 million barrels per day (bpd) of crude trapped in the Strait of Hormuz and unable to go to refiners.

NN: The huge $50 a barrel premium of the physical crude over the futures prices signals that the real oil supply shock is enormous, even if the sentiment on the futures market is tentatively hopeful that there is still a way to resolve the Middle East crisis soon.     

Iran’s Islamic Revolutionary Guard Corps (IRGC) warned on Sunday that it would attack any military vessel that attempts to approach the Hormuz Strait. The guard denied “false” statements that the waterway is open for shipping. The guard said such moves would constitute a violation of the ceasefire agreement and provoke a strong reaction from Iranian armed forces. Earlier on Sunday, United States President Donald Trump ordered a blockade of the strait, also promising to clear it of naval mines, after an apparent failure of talks in Pakistan. Vessels of nations that paid tolls to Iran to ensure passage would be subject to interdiction. Last week, Washington and Tehran reached a fragile two-week truce to pave the way for diplomatic contacts. On the other hand, the negotiations in Islamabad have not resulted in a compromise.

NN: Does not look to me any oil will flow out of the gulf

United States President Donald Trump ordered on Sunday a blockade of the Hormuz Strait and to “interdict” every vessel in international waters that “has paid a toll to Iran.” The US leader declared that the talks with Iran went well, but said Tehran was unwilling to unblock the strait and give up its nuclear program. “We will also begin destroying the mines [that] the Iranians laid in the Straits. Any Iranian who fires at us, or at peaceful vessels, will be BLOWN TO HELL!” he wrote on Truth Social. Furthermore, he added the blockade would “begin shortly,” and other nations would participate, without revealing which. “They want money and, more importantly, they want Nuclear. Additionally and, at an appropriate moment, we are fully “LOCKED AND LOADED,” and our Military will finish up the little that is left of Iran!” he threatened after an apparent failure of the talks in Pakistan