Oil futures sank after touching a four-year high, now up 6 percent after rising 30 percent.
G7 Statement
Group of Seven finance ministers issued a statement after a virtual meeting Monday, saying:
- “We will continue to closely monitor the situation and developments in the energy markets and will meet as needed to exchange information and to coordinate within the G-7 and with international partners.”
- “We stand ready to take necessary measures, including to support global supply of energy such as stockpile release.”
Please consider G-7 Ready to Release Oil Stockpiles If Needed to Support Supply
Group of Seven finance ministers said they were ready to take any steps needed to support global energy supply, including releasing strategic oil reserves.
“We will continue to closely monitor the situation and developments in the energy markets and will meet as needed to exchange information and to coordinate within the G-7 and with international partners,” the group said in a statement. “We stand ready to take necessary measures, including to support global supply of energy such as stockpile release.”
G-7 finance ministers held a virtual meeting on Monday to discuss the conflict in the Middle East, its impact for regional stability, global economic conditions, and financial markets, and the importance of secure trading routes.
The heads of the International Monetary Fund, World Bank Group, Organisation for Economic Co-operation and Development, and International Energy Agency took part in the discussion.
My Reaction
So what?
Monitoring the situation is meaningless. Opening the Strait of Hormuz is what matters.
Even then, so much of the supply chain is damaged and it will be at least weeks before things are back to normal.
Higher prices will last for a long time. And if the strait is not opened, we will see a retest of the high today, if not higher.
Trump’s Plan of Action
This will work for about two days.
For further discussion, please see Crude Jumps By $25 to $115 in Biggest Oil Crisis Since 1970s
An Amazing Parlay
Trump created a crisis in oil, natural gas, aluminum, fertilizer, jet fuel and water, all at once.
This is not an easy feat. Mere mortals would have struggled to do this,
Might I suggest the Nobel Peace Prize?
What? Have you not heard that a watched pot does not boil?
I think it has become obvious by the market’s behavior Trump and especially Israel are looking for an offramp. The Iranians have made their point. Whether or not the Iranians reopen the Straight of Hormuz without reparations remains to be seen.
Trump joust had his press conference and said we are almost done. But the 82nd airborne has just been deployed. Who do we believe? Hegseth, Rubio, Trump. They can’t get their narrative straight. Even if we do say enough here who’s to say the Iranians will her after over 40/50 years of America messing with them. They see this as existential
You are probably right in that this is in fact existential for the theocratic regime. Whether the population see it quite the same way is something I don’t know.
In Germany during World War II, there were a number of attempts to assassinate Hitler by people who could see what was happening. There may be enough people in Persia who can see what is happening to make a difference.
On a related subject, why does not anyone point out that the Ukraine war is existential for the Russians? They aren’t fighting because they want to conquer Europe. They are fighting because they don’t want American missiles pointing at them from the Ukraine, and they don’t want their people massacred by Ukrainian artillery. Presumably they also don’t want to be forced to accept American decadence, as most of the world has been.
As soon as it takes more than BS, and bluster, Trump is totally incompetent. He is way past that point now.
But Mish!! The market is up!! Don’t you see? Everything is completely fine as long as the dow stays green! We’ll simply have to push cars to work while the group of geniuses figures this tiny little issue out.
NO1 at Gold & Geopolitics When your spiritual adviser needs a spiritual adviser
Four days became four weeks became eight weeks became a hundred days became six months.
“Strike and strike and strike and strike and strike and strike and strike and strike and strike and strike until you have victory! For every enemy that is aligned against you – we would strike the ground, for you will give us victory, God!”
“The Lord says it is done. The Lord says it is done. The Lord says it is done, for I hear victory victory victory victory in the quarters of heaven!”
“Victory victory victory victory victory victory victory, for angels are being released right now! Angels are being dispatched right now!”
“Hamandah, Akka, Ataraka, Tedda, Bakka, Sanda, Ata, Ambo, Osa, Kata, Ritte, Eke, Banda, Ata, Ritte, Didi, Asha, Taa…”
“For angels have been dispatched from Africa right now! Africa right now! Africa right now! They’re coming here! They’re coming here! In the name of Jesus, from South America! They’re coming here! They’re coming here! They’re coming here!”
“Angelic reinforcement! Angelic reinforcement! Angelic reinforcement!”
“I hear the sound of victory. I hear the sound of victory. I hear the sound of victory. I hear the sound of victory. I hear the sound of victory. I hear the sound of victory. I hear the sound of victory. I hear the sound of victory. I hear the sound of victory.”
If you want to know my dealer, let me put your mind at ease: that’s Paula White. Totally normal behaviour. She’s Trump’s “senior adviser to the White House Office of Faith-Based and Community Initiatives”. Chanting over a war that has killed ~1,300 Iranians including 200 children. Not a cult, by the way.
She wasn’t alone. A room full of pastors gathered around the President, laying hands on him, praying for heavenly blessing as he prosecuted an attack on a country with which he was negotiating the day before. On camera.
I wrote on day four about military commanders telling their troops this is Armageddon. That Trump was anointed by Jesus to light the signal fire. These people aren’t speaking in metaphor. They mean it.
That stiff is irrelevant.
Trump will TACO and declare victory.
= draft, army, iran
Trump really gone off rails
i predict it will end bad for him, next time !
you know his ear!
==to lower oil prices as soon = Options include restricting US exports
really,? it is only for USA. might be!!
what are you going to do for Europe/ Asia (most of no Russia aligned countries)
What’s he gonna do??
He’s gonna make his family’s EFA puts great again!
The Upside? If you’re a sadist there’s more downside to come.
Under Trump every day is like a [normal President’s] week, and every week is like a month. And we only have 34 months to go! God save us!
White House press secretary Karoline Leavitt on Sunday told Fox News that Trump has put all options on the table, including a draft and sending US ground troops into Iran.
run Forrest run!
Run, Barron, run! Erm… actually, like his dad, he won’t have to run because he won’t even be called up.
Barron no doubt inherited his bone spurs. If not, he’ll be brought in as an officer and put in charge of something he has absolutely no ability to run.
Maybe he will be made a Colonel in charge of setting up the Bluffing Warfare team.
Commander of the 31st inflatable tank battalion.
Insurance or not, if I own one of those tankers I’m not taking the risk of getting blown up in the Straight of Hormuz. So great that these sociopaths want others to risk their lives to get the oil flowing.
exactly!
cause at best you will get bunch of paper w/ dead american presidents on
and who knows when / if you get new tanker.
If Trump really wants to assure the oil markets that the strait is safe for oil tankers he can volunteer to ride in one and prove it to the world
“Actuarial Warfare: How Seven Insurance Letters Closed the World’s Most Critical Chokepoint and Why Markets Are Mispricing Duration by 300%. Private Reinsurance, IRGC Fragmentation, Interceptor Depletion, and a Dead Nuclear Fatwa Have Produced a Crisis No Military Victory Can Resolve”
Shanaka Anslem Perera
Mar 09, 2026″
warning: long read
t.ly/gPokG
Anyone who thinks this ends quickly is smoking too much hopium I believe.
Who is going to send tankers in any time soon? How will they know that both sides will honor any cease fire at this juncture? With no clear war aims or end game, who knows when a ‘cease fire’ or ‘unconditional surrender’ or whatever other end point happens? The goal posts move every day, and the objectives move every day. The Iranian government is just hunkering down in survival mode and just like the North Vietnamese government back in the day, they just need to survive in order to claim victory.
Even if some clear cease fire happens, tankers will be very reluctant to move in without some REAL assurance that Iran won’t choose to start taking target practice at them. Perhaps on their own, perhaps instigated by Israel or an Israeli false flag attack.
Also the entire supply chain needs to be considered. With Gulf States like Kuwait shuttering off pumping oil due to storage limits, the restart time will be significant.
“The oil must flow’ as they said in Dune, but this oil ain’t flowing anytime soon…
most of USA ppl under 30x were kids during bush jr and iraq war, and mission accomplished!!
sucker born every second
There are any number of pissed off factions that could take it upon themselves to close the strait, once they see how much it hurts the Great Satan.
The markets are completely reversing right now. Clown World refuses to accept reality and wants to keep the circus going. Wait and see: Dow and S&P will finish higher today, oil will close down and Bitcoin and Rainbow Skittles will be the only assets to go up in Clown World today.
The day is not over and Bears will be happy the gap closed. A big opening gap tomorrow would not leave a technical gap.
I was right in the end, even though it was a facetious prediction.
well world is just MORE COMPLEX!
BIG BOYS SHOWED WHAT IS GoING to happen if war is not wrapped sooner !
if not , oil $150 at least here we comes w/in 2 weeks
Not to worry, I hear Trump is going to do a press conference from Mar-a-Lago today where he can explain the 5D strategy he is employing
But first, we have to hear about all the terrible people that have wronged him. Again.
And about how all of this is Biden’s fault and the 2020 election was stolen.
Well Mike, are you ready to write about stagflation again…you have a pretty good track record of being correct.
Why not just for the time being reroute all tankers around the Cape of Good Hope. I don’t understand why that’s not being discussed as an alternative
That doesn’t help here. I think you’re thinking of the Red Sea/Suez, not the Persian Gulf. Rerouting around Cape of GH doesn’t help in this instance bc Gulf is under threat, and there is no alternative sea route to the Gulf.
Why not just load up the oil on jets and get it to final destination 10x faster! duh.
Just a touch different cost per gallon to get to delivery point.
Some would say the extra cost would be worth it for the ‘freshness’.
The’ll pay it, to keep their precious F350s alive.
if only they had geo. maps!
it is 3x times longer probably! and cape of good hope is not fun in winter i heard!
To top it off dont be surprised if the Fed raises rates soon. We could see a repeat of the 1970s but it may take awhile to get there.
Bottom line is the economy is screwed.
even rates droped into 1%, it would just reduce USA deficit to $1.5 trln
you still have 40$ trln of debt
USA future is sealed! no matter %rates are
The fed is pretty far down on the list of bond market worries, right now.
Trump has failed the American people once again.
Imo this is all an attempt to distract from the Epstein files and impose martial law so no elections can occur. The winner of all this is Russia as well. It makes one wonder who is actually controlling the Republican party in congress. If Putin were running the world, this is what it would look like.
Au remember in the first trump term when they met with a us translator. Trump never did explain what they talked about.
Failed? No.
Fucked like a tied up 13 year old girl, yes.
IRGC spokesman Ebrahim Zolfighari said on Monday that the U.S. has begun a new chapter in the conflict by targeting Iran’s energy infrastructure.
“If they can afford the price of oil at $200 per barrel, let them keep playing this game,” Zolfighari said in a video message posted by Al Jazeera on X.
Who says the Straight of Hormuz is closed? Iran only said they will attack American and Israeli ships
Have you bothered to look at traffic?
There are ships lined up quite neatly on the incoming side ready to head in. The outgoing side is not as organized but at any moment the shipping can be resumed.
If a ship is sunk there are heavy lift vessels in the area and many tugs and firefighting boats have arrived and turned off their beacons.
What a learning experience this has been for me watching the ships!
Fascinating from a distance! Would not want to be anywhere in the Mid East right now…
Yeah i wonder if a tanker sinks would it block traffic.
That would effectively close the strait or an Iranian blockade.
AI tells me that most of the Straight is navigable for VLCC’s depending on maritime regulations. So if someone could actually sink one, it would not block it. The environmental disaster however would be of epic proportions.
Donny & Pete Hegseth would have no problem with that and Fox News would cheer war on no matter what the cost.
Imagine the kaboom if a freighter full of ammonium nitrate got hit near some tankers that also got hit. The Persian Gulf is pretty small and ships are targetable everywhere in it. I continue to think that the Straight of Hormuz is less of a problem than the marketers of market
stress are promoting.
But I never thought Americans would have been stupid enough to elect Trump the first time! So what the F do I know???
😉
The strait is over 20mls wide.
The probably of spontaneous human combustion is crazy high.
Marine insurers claim war cover available for Strait of Hormuz
London-based and international insurers move to clarify that war risk cover is still available in the Gulf
“Iran and the Persian Gulf is, of course, currently an area of maximum risk severity, but insurance is still available to operators in the area, including the Straits of Hormuz.
IUMI said that cover remains available on an individual voyage basis.
Correct. The entire Persian Gulf and inner Gulf of Oman are easily targeted areas and within range of all of the crazies shooting projectiles at each other.
it was 10x times more per day, someone reported..
well you can take money, pay off Iranians half for passage ,
and try to move oil
risky, but profitable
The longer this goes on, the higher the value of the oil, and the higher the premium will have to be to cover that.
tommy boy,
why are not you being good boy, and instead of ranting on mom’s basement
take a a ride on tanker, and report later from Indian ocean!
cant wait!
Lol, Iranians are saying the strait is open to everyone except us. Why be childish and believe that Iran has closed the strait. There’s no blockade or blockage. $150 or $200 or even $300 oil needs a closed strait. Until that happens I wouldn’t bet it will go up that much. Especially with the oil glut/ oversupply and slowing worldwide economic growth.
Considering the Iranian Navy, shore to ship mobile launch batteries, anti-ship mines, underwater drones and more either have not sustained much damage or have not yet been deployed one can safely say it’s closed and will be closed.You wouldn’t catch me on a ship trying to run that gauntlet…
Remaining armed ships:
IRIN (Regular Navy):
Alvand-class frigates: 2
Moudge-class frigates: 1
Hamzeh-class corvette: 1
Kilo-class submarines: 3
Fateh-class submarines: 1–2
Ghadir-class midget submarines: 18–20
Kaman-class missile patrol ships: 13
Sina-class missile patrol ships: 6
Amphibious vessels: 24–30
IRGCN (Revolutionary Guard):
Houdong / Tondar-class missile patrol ships: 10
Shahid Soleimani / Abu Mahdi al-Muhandis class catamaran corvettes: 4–5
Fast attack craft / missile boats (Peykaap, Zolfaghar etc.): 250–350
There are still more than 30 ships, 23–25 submarines, and about 300 speedboats equipped with missiles and torpedoes.
In addition to a few thousand aquatic, surface, and underwater drones.