February 24, 2024

saupload_rising_oil_price

Well, it made sense for me to fill up tonight, I was almost empty.

I am being told Iran was found to be responsible for the terrorist attacks in Sri Lanka on Easter Sunday – and that sanctions on Iranian oil exports will be enforced much more seriously and that oil prices could soar.  Will the trend be up up and away, or fizzle and back to normal in no time?

oil chart interday

I’ll know soon enough if prices are much higher in the morning.

I heard a trucker say his corporate HQ just told all their truckers they aren’t allowed to go below 3/4 full on their tanks because imminent oil price hikes are likely and $400/barrel oil is possible.  Could that mean $20/gallon for gasoline soon?  If oil skyrockets, gas and diesel and everything else will soon be affected.  But maybe other nations will boost production and make up for any losses from sanctions on Iran.  If that happens, then without a war starting in the Middle East, maybe this will all blow over within a few days….

Unless Iran gets linked to any other attacks on churches recently… “The Notre Dame fire also occurred at a time when attacks against churches in France and Europe have been multiplying. More than 800 churches were attacked in France during the year 2018 alone.”

from: https://www.gzeromedia.com/sri-lanka-attack

Will tighter sanctions on Iranian oil increase gas prices in the US?

Yeah it will for two reasons. First of all because the Saudis and others in the Gulf, on the American side, have to actually ensure that they are pumping enough oil to make up for whatever comes off from Iran but also because when you’re squeezing Iran that much economically the markets are also going to price in the potential that you end up with confrontation between Iran and the Saudis, between Iran and the Israelis, Iran the United States and that they leave the nuclear deal.”

Oil Prices Surge as Trump Ends Waivers for Iran’s Crude

White House says decision ‘intended to bring Iran’s oil exports to zero’

“WASHINGTON—Oil prices surged to a nearly six-month high after the Trump administration said it would end waivers that allow countries to import Iranian oil, part of a U.S. campaign to deprive Iran of a major source of revenue.”

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