Will Cunliffe
Research Analyst, The Officials
Keep crying wolf
The umpteenth peace deal is here, reportedly Iran rejected it, UAE crude flows to Europe and US consumers may get some relief at the pump.
The umpteenth peace deal is here, reportedly Iran rejected it, UAE crude flows to Europe and US consumers may get some relief at the pump.
The US continues to claim some kind of deal to ‘open Hormuz’ is imminent, with Bessent saying it could happen tomorrow! The ‘peace’ didn’t last long though, reportedly the Iranians have already rejected his claim! Brent dropped from $83.50 towards $81 in short order, and then continued to slide hitting a low of $78.80/bbl. However, the Americans have cried wolf umpteen times that they’re opening the Strait. In a sign of the scepticism that’s infected the market, sources were immediately questioning if it would happen and, even if it did by a miracle, how long it would last… Brent reached the European close at $80.05/bbl. American claims and reality don’t always align. Bessent also said quite a few ships have been exiting Hormuz but tracking numbers say the opposite – maybe he meant ‘quite few’ instead. Lies from the American administration to jawbone oil prices. Lloyds counted just three transits on 2 August and other sources confirm just a few crossings each day.
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