Crude oil inventories in the United States fell this week by 3.23 million barrels for the week ending April 19, according to The American Petroleum Institute (API). Analysts had estimated a 1.8 million barrel build for crude oil. For the week prior, the API reported a 4.09 million barrel build in crude inventories.
On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.8 million barrels as of April 19. Inventories are now at 365.7 million barrels—the highest point since last April.Oil prices were trading up ahead of the API data release on Tuesday, buoyed in part by the falling U.S. dollar index as business activity slumped to a multi-month low. Gasoline inventories also fell this week, by 595,000 barrels, after falling by 2.51 million barrels in the week prior. As of last week, gasoline inventories were about 4% below the five-year average for this time of year, according to the latest EIA data. Distillate inventories rose this week by 724,000 barrels, after last week’s 427,000-barrel dropoff. Distillates were 7% below the five-year average for the week ending April 12, the latest EIA data shows. Cushing inventories saw a draw this week, according to API data, falling by 898,000 barrels after falling by 169,000 barrels in the previous week.
Israel Used The ‘Rampage’ Missile During The Weekend Strike On An Iranian Military Base In Isfahan, Kan Reported. The Supersonic Missile Is Reportedly Designed To Strike Ground Targets Like Military Bases. On April 19, U.S. Media Reported An Israeli Missile Attack On A Military Base In Isfahan. However, Iran Downplayed The Incident, Saying No Israeli Missile Entered Its Airspace. Israel used a long-range, supersonic missile in its strike on Iran last week, Israeli broadcaster Kan reported, per The Times of Israel. US officials said Israel carried out a missile strike on a military base near the city of Isfahan on Friday. Israel has not confirmed the reports, while Iran has sought to downplay the incident, only referencing small drones used in the attack, which, in an interview with NBC News, its foreign minister Hossein Amirabdollahian said were “like toys our children play with.” While it remains unclear what weapons were used in the strike, Israel’s national broadcaster Kan reported that Israel used a “Rampage” air-to-surface missile, claiming it was identified in photos and that damage caused by the attack was consistent with a Rampage strike, per The Times of Israel. The Rampage was designed by Israel Aerospace Industries (IAI) for use against targets such as “communication and command centers, air forces bases, maintenance centers and infrastructure,” according to the company’s website. The company describes the missile, which weighs 1,250 pounds, as “a long-range, air-to-ground, seekerless, precision strike weapon.” Other reports, however, have pointed to another type of missile being used in the attack.
Tensions between Israel and Iran have turned the spotlight on Tehran’s nuclear capabilities. The West accuses Iran of using its civil nuclear program as a cover for developing weapons — which it denies. The head of the United Nations’ nuclear watchdog, Rafael Mariano Grossi, warns that Iran ‘is not cooperating with us in the way they should’ regarding its atomic program
Thirty-five rockets were fired from Lebanon towards Safed in northern Israel, with most landing in open areas and causing no harm, according to the Israeli military.
The Lebanese armed group Hezbollah claimed responsibility for the attack, adding to the escalating tensions between Israel and Hezbollah along the border.
Since October 8, there has been a surge in exchanges of fire between the two sides, with an increase in both severity and frequency of attacks in recent months.
NN: The markets believe middle east tensions are winding down….This will soon proven wrong.
Prices of crude oil for future contracts declined on Monday as tensions between Israel and Iran seemed to calm down, seemingly providing some breathing room for commodity prices as no oil supply was directly threatened by recent developments in the Middle East. Over the weekend, Israel reportedly carried out a “limited” attack on Iran, to which Tehran has not responded. This strike was in retaliation for Tehran’s drone and missile attacks on April 13, which were themselves a response to Israeli airstrikes on Iran’s consulate building in Damascus earlier this month. For June deliveries, West Texas Intermediate (WTI) fell 1.08% to sell at $81.36 per barrel at 7:47 am CET. Brent for the same month’s settlements slipped 1.03% to $86.39 a barrel.
NYT says attack was ‘calibrated’ to show Israel’s capability to dodge Iran’s air defenses, make Tehran ‘think twice’ before another assault; Iran’s FM claims it merely faced ‘toys’
The alleged Israeli strike overnight Thursday-Friday on Iranian air defenses near the Natanz nuclear site used a high-tech missile that was able to evade Iran’s radar systems, in a move “calibrated to make Iran think twice” before launching another direct attack on Israel, The New York Times reported on Saturday.
Two unnamed Western officials cited by the newspaper said the missile aimed to show Tehran that Israel is able to dodge and neutralize its defenses.
Two Iranian officials said the strike hit a Russian-made S-300 air defense system. They told the newspaper that Iran had not detected intrusions into its airspace from drones, missiles or aircraft. The newspaper said the missile was from a warplane fired “far from Israeli or Iranian airspace.” The report also said that neither the plane nor the missile entered Jordanian airspace — a calculated move to keep Amman out of any potential ramifications for the reprisal strike, after it helped shoot down some of the hundreds of drones and missiles fired by Iran at Israel last weekend.
Satellite imagery seen by the Times of Israel showed damage to the radar of an S-300 system at the Eighth Shekari Air Base in Isfahan, said to be part of an array defending the nearby top-secret Natanz nuclear site. The imagery was not immediately permitted for publication, per the policy of the agency that took the photo.
Additional synthetic aperture radar satellite images taken Friday also showed evidence that the radar site was targeted. The New York Times said the strike was deliberately designed to send a message on how a wider attack could look, with Israel able to penetrate Iranian defenses undetected. US defense officials also told The New York Times that there was concern the precedent set by the nations’ direct exchanges of blows this week could encourage further rounds of violence in the future. Other effects could be an Iranian effort to better protect its nuclear assets and make them harder to attack, as well a potential push to move weaponry closer to Israel in case of another confrontation, experts told the paper. US media reported Friday that the alleged Israeli strike in Iran went beyond the scope of several small drones described by Tehran. ABC news was the first to report that the air defenses at Isfahan were part of an array defending the nearby top-secret Natanz site. “The Israelis hit what they intended to strike,” one of the sources told Fox News, adding that there was one main target that was hit multiple times and that Iran’s Russian-made air defense system was proven ineffective. Iran had claimed earlier that three small drones were involved in the attack on Isfahan. Iranian state TV said that the small aircraft were destroyed by air defenses, and it made no mention of any missiles or damage in the attack. Israel has not officially commented on the strike. Despite the reports, Iran continued to insist that only several small drones were launched and that they had not caused any damage. Iranian Foreign Minister Hossein Amir-Abdollahian, in New York to attend a United Nations Security Council meeting on the Middle East, likened the strike on Friday to child’s play. Speaking to NBC News through a translator, Amir-Abdollahian said the drones had taken off from inside Iran and flew for a few hundred meters before being downed.
“What happened last night was no attack,” said Amir-Abdollahian. “It was the flight of two or three quad-copters, which are at the level of toys that our children use in Iran.”
However, the reports that Israel had fired at least one missile appear to correlate with debris found in Iraq in the morning after residents of Baghdad reported hearing sounds of explosions. Images showed what appeared to be parts of a two-stage standoff air-to-surface missile near Latifiya, southwest of Baghdad, which would have fallen away after the missile launch, although this remains unconfirmed. Israel has several types of these munitions available for its air force, raising the possibility it was fired as part of the attack. Also, around the time of the incident in Iran, Syria’s state-run SANA news agency quoted a military statement saying Israel carried out a missile strike targeting a southern air defense unit and causing damage. The Britain-based Syrian Observatory for Human Rights, an opposition war monitor of unclear funding, said the strike hit a military radar for government forces. That area of Syria is directly west of Isfahan, some 1,500 kilometers (932 miles) away and east of Israel, and could provide an indication of the route taken by Israeli jets. The facility at Isfahan operates three small Chinese-supplied research reactors, as well as handling fuel production and other activities for Iran’s nuclear program. The deeply fortified underground Natanz enrichment site, meanwhile, has been repeatedly targeted by suspected Israeli sabotage attacks. Iran’s nuclear program has rapidly advanced to producing enriched uranium at nearly weapons-grade levels since the collapse of its atomic deal with world powers, after then-US president Donald Trump withdrew America from the accord in 2018. While Iran insists its program is for peaceful purposes, Western nations and the IAEA say Tehran operated a secret military weapons program until 2003. The IAEA has warned that Iran now holds enough enriched uranium to build several nuclear weapons if it chose to do so — though the US intelligence community maintains Tehran is not actively seeking the bomb.
Iran’s insistence that the strike was carried out by drones and caused no damage appeared to be part of an effort to play down the severity of the attack.
Iran has no plan for immediate retaliation against Israel, a senior Iranian official said. The Iranian official also cast doubt on whether Israel was behind the attack in Isfahan. Israel has for years operated under a strategy of plausible deniability regarding its attacks on Iranian interests in Syria, declining to take responsibility or speak publicly about specific sorties and giving Iran and its proxies an out to avoid retaliation. The strategy has limits though. Israel has not taken responsibility for a strike on Iran’s consulate compound in Damascus on April 1 that killed several members of the Islamic Revolutionary Guards Corp, including a top officer. Nonetheless, Iran responded on April 13-14 by lobbing over 300 cruise missiles, ballistic missiles and armed drones at Israel. Nearly the whole barrage was shot down by Israel, with help from the US, UK, France and Jordan. An Israeli girl who was the only victim in the attack was badly injured by falling shrapnel; the targeted Nevatim air base also suffered light damage, according to Israeli officials.
Iran mocks Israel, describes its weapons as ‘toys’
Iranian Foreign Minister Hossein Amir-Abdollahian (pictured) told NBC News in an interview that Israel’s weapons used in the attack on Tehran resembled “toys that our children play with, not drones.” “As long as there is no new adventurism by Israel against our interests, then we are not going to have any new reactions,” the Iranian official stated. He added, however, that should Israel strike again, “our response will be immediate and to the maximum and will cause them to regret it.” Friday, Israel carried out a retaliatory attack against Iran.
The United States Air Force has been developing missiles that have the capability to wreck the electronics of Iranian nuclear facilities using high-power microwaves, the Daily Mail reported. According to the news outlet, the missiles, which were built as a part of the Counter-Electronics High Power Microwave Advanced Missile Project (CHAMP), can carry out their tasks without causing any casualties. The weapon was first tested back in 2012. According to the Daily Mail, the US has been installing them in numerous locations across the world.
Iran hints it could develop nuclear weapons if Israel attacks
A top Iranian commander has delivered a strong hint Iran could develop nuclear weapons if Israel were to launch an attack on its atomic facilities. Ahmad Haqtalab, a Revolutionary Guards’ officer who heads the nuclear protection and security corps, said Tehran could review its long-standing “doctrine and nuclear policies,” in which Iran has insisted it is running an atomic program only for civilian — and not military — ends.
“If the fake Zionist regime intends to resort to the threat of attacking our nuclear facilities as a means to put pressure on Iran, reviewing the current doctrine and nuclear policies of the Islamic Republic and distancing from past considerations is possible and conceivable,” Haqtalab was quoted as saying the official IRNA state news agency.
His remarks are the latest in a string of warnings from Iranian officials to Israel, which is weighing its response to a barrage of 300 drones and missiles that Tehran launched toward Israeli territory over the weekend. Iran has always insisted its uranium enrichment program is only intended for the production of electricity. Its senior leaders — many with memories of the use of chemical weapons against Iran in the 1980-1988 war with Iraq — have also said they oppose the development of weapons of mass destruction on moral and religious grounds.
Israel and many Western intelligence services, however, have countered that Iran’s facilities go well beyond what is required for peaceful purposes and are working in tandem with its advanced ballistics projects.
Some diplomats argue Iran has been exacting diplomatic leverage by seeking to acquire “break-out” potential, when it has technology to weaponize. So far, it has held back from crossing that Rubicon through fear of a military escalation with Israel and the U.S. Tensions in the Middle East are rising dramatically, with Western allies concerned about a large-scale escalation of the Israel-Hamas conflict urging Israeli Prime Minister Benjamin Netanyahu to show restraint in his response to the Iranian attack. As Israel continues to mull its options, Netanyahu made some of his allies nervous this week when he said Israel would “make our decisions ourselves” and “do whatever is necessary to defend itself.” Haqtalab said Tehran was “ready to face any threat from the Zionist regime in the vast land of Iran” and that Tehran would be able to take out Israel’s nuclear facilities in case of an escalation. “The nuclear centers of the Zionist enemy are identified and the necessary information about all targets is at our disposal, so to speak, to respond to possible action. The [Iranian forces] have their hands on the trigger to fire powerful missiles to destroy the targets identified, ” he said.
Israeli forces launched three ballistic missiles in yesterday’s retaliatory strike on Iran, NBC News reported citing officials with knowledge on the matter. As per the officials, the missiles were air-launched and targeted an Iranian airbase. Furthermore, the officials noted that no targets in Baghdad were struck, although parts of the projectiles fell on the territory of Iraq. After the event, Iran’s military entered a mode of “high alert,” anticipating any possible further attacks.
Iran mocks Israel, describes its weapons as ‘toys’
Iranian Foreign Minister Hossein Amir-Abdollahian (pictured) told NBC News in an interview that Israel’s weapons used in the attack on Tehran resembled “toys that our children play with, not drones.” “As long as there is no new adventurism by Israel against our interests, then we are not going to have any new reactions,” the Iranian official stated. He added, however, that should Israel strike again, “our response will be immediate and to the maximum and will cause them to regret it.” Yesterday, Israel carried out a retaliatory attack against Iran. NN: I hear the spin. But this ain’t over. Israel needs to get serous and teach them a hard lesson.
As Israel maintained official silence on Friday’s reported attack on Iran, its analysts and officials weighed in on whether the scale of the assault was a sign of strength or weakness. “Iran must understand that when it acts against us, we have the ability to strike at any time, and we can do serious damage,” Eyal Hulata, a former national security adviser, said on Army Radio, shortly after reports emerged that Israel had attacked targets in the Iranian city of Isfahan. “We have a highly capable air force, and the United States is on our side.”
“Weak,” tweeted Itamar Ben Gvir, the hard-right national security minister in the cabinet of Prime Minister Benjamin Netanyahu. He’s been calling all week for a crushing retaliation to the hundreds of missiles and drones that Iran launched at Israeli targets last weekend, almost all of which were intercepted.
Isfahan has several military bases and facilities and is believed to have been one of several launch sites for Iran’s attack on Israel on Saturday night. Two US officials confirmed Israel was behind the attack. The Israeli government told officials and embassies not to confirm or discuss the strike, a fairly common practice, according to Israeli officials. Iran did not accuse Israel of launching an attack and state media mostly downplayed the incident, saying no damage was caused. Many Israeli analysts emphasized the importance of the loose coalition formed last weekend between Israel, the US, UK, France and regional Arab states that repelled Iran’s missile and drone attack. It needs to be preserved, they said, so Israel’s response was purposefully limited. Mossad spy agency, said on Channel 12 that, while limited, the attack offered a taste of what Israel can do Countries across the region and further afield spent the week urging Israel not to react, to “take the win,” as President Joe Biden reportedly put it, regarding the successful defense against the Iranian attack. Israel is contending with multiple conflicts right now. About 100 hostages are still being held in Gaza by Hamas, the militant group whose fighters swarmed into southern Israel in October, killing 1,200 people and abducting about 250. The Israeli army is still operating inside Gaza, as well as confronting almost daily attacks from Iranian-backed proxies in Lebanon, Syria, Iraq and Yemen. Hamas is considered a terrorist organization by the US and European Union and Israel says its goal is to eliminate the group’s leadership and ensure it can never carry out another attack. More than 33,000 Palestinians have died in the conflict in Gaza, according to the Hamas-run health ministry. Few complained about the attack itself or its legitimacy, given the severity of last weekend’s unprecedented direct assault. Although it caused little damage and no deaths, the potential for casualties and severe destruction was enormous.
Yossi Kuperwasser, a former top military intelligence official, said by phone that while Friday’s counter-attack was limited, “we have to be prepared for any potential reaction, a big one as well.”
“What we have accomplished, assuming it is an Israeli operation, is that we clarified to the Iranians that they are vulnerable,” said Kuperwasser, who is also a fellow at the Jerusalem Center for Public Affairs. “The targets were not far away from nuclear facilities. We can reach those places and cause damage. That’s the message.” Nir Dvori, a military analyst and correspondent for channel 12, demurred. He was asked by the news anchor whether Iran would understand Israel’s message and he said he doubted it, that more would likely be needed. General Eliezer Marom, a former commander of the Israeli navy, said on the same broadcast that if the message isn’t enough, another one will be sent.
Iranian state media confirmed an attack by Israel in the early hours of Friday and said the “sabotage” operation involving drones had failed. Israel launched a retaliatory strike on Iran following last week’s missile and drone barrage from Tehran, according to two US officials, though media from both countries appeared to downplay the severity of the incident. An explosion was heard early Friday in Isfahan, Iran’s third-biggest city, Fars news agency reported. Nuclear facilities located there are safe, state television and the United Nations’ nuclear watchdog said. The Israeli government, which rarely comments on specific military actions linked to Iran, hasn’t confirmed the strike. Flights were suspended in Isfahan and the Iranian cities of Tehran and Shiraz as well as airports across the country’s western borders, but those restrictions were soon eased. The incident follows days of frantic diplomacy from the US and European nations in which they tried to convince Israeli Prime Minister Benjamin Netanyahu not to respond too aggressively, if at all, to Saturday night’s Iranian attack. Their main concern is to avoid a wider war in a region already roiled by the Israel-Hamas conflict and which could send oil prices above $100 a barrel. Crude and gold initially jumped in early trading on Friday, but later pared their gains as reports suggested the apparent attack was far from extensive. A senior Iranian military official also said Tehran had already responded to Israeli threats, and didn’t blame the Jewish state for the latest incident. Isfahan is home to around 2 million people and several military bases and facilities. It’s believed to have been one of several launch sites for Iran’s attack on Israel on Saturday night. The New York Times reported a military air base near Isfahan was struck. Israel notified the US on Thursday it planned to retaliate in the next 24-48 hours, two American officials said to Bloomberg. They asked not to be identified discussing private conversations. Spokespeople for the National Security Council and the Pentagon declined to comment. Israel had vowed to retaliate against Iran for its barrage of more than 300 drones and missiles, the vast majority of which were destroyed before hitting their targets. While there was limited damage and no one was killed, Israel said it would send a message of weakness to Iran and its other enemies if it didn’t respond. Iran said it was a justified reaction to a strike on its embassy compound in Syria on April 1, which killed several Iranian officers and was blamed on Israel. The US, Europe and Arab states urged Netanyahu to act with restraint. The foreign ministers of the UK and Germany both traveled to Israel on Wednesday to see him. Netanyahu faced a dilemma this week. While many of his far-right coalition members insisted on a firm response, the Israeli public was split on whether the country should react at all. Many, according to a poll, said it wasn’t worth provoking Iran and straining Israel’s ties with the US. Israel is more than six months into the war in Gaza and still intent on attacking the city of Rafah, where it says several thousand Hamas fighters are lodged. Many in the country want the government to focus on finishing the conflict against the Iran-backed militant group that launched a deadly invasion on Oct. 7. If attributed to Israel, the nature and scope of the strike on Friday — including any casualties — could determine whether the tit-for-tat responses between the two sides escalate or start to get scaled back. “The ball is in Iran’s court now,” said Ziad Daoud, chief emerging-market economist for Bloomberg Economics. “The most likely scenario is avoiding escalation through another direct attack on Israel.” Many analysts had said targeting Iran’s nuclear facilities would be the riskiest and most aggressive option open to Israel, with strikes on non-nuclear military facilities and cyberattacks among the less escalatory choices. Early indications are that this was a “symbolic attack” that won’t force Iran to respond aggressively, retired Israeli General Israel Ziv told the nation’s Channel 12. Israel’s hawkish national security minister, Itamar Ben Gvir, suggested he wasn’t happy with his country’s apparent response. “Weak,” he said in a one-word post on X in Hebrew. Ben Gvir isn’t part of Netanyahu’s Likud party and doesn’t sit in the five-man war cabinet that takes final decisions on military actions. But he’s key to the survival of Netanyahu’s coalition and said after Iran’s attack that Israel had to hit back hard. Iranian media portrayed a sense of calm in Isfahan and asserted that everything was proceeding as normal. The country’s Supreme National Security Council decided against convening for an emergency meeting, according to state TV.Iran was bracing for a reprisal by Israel all week. Tehran has routinely accused Israel of attacks and sabotage activities targeting its nuclear and military sites in the past, including in Isfahan, home to some key nuclear enrichment and missile facilities. Iran says its nuclear program is for peaceful purposes but the West accuses it of seeking to develop atomic weapons. On Thursday, Iran said it may reconsider its nuclear policies if Israel attacked its atomic sites. Iranian Foreign Minister Hossein Amirabdollahian also warned Israel against lashing out after the weekend assault. “In case the Israeli regime embarks on adventurism again and takes action against the interests of Iran, the next response from us will be immediate and at a maximum level,” he said to CNN.
