Will Cunliffe
Research Analyst, The Officials
Iranian oil: coming to a pump near you!
The North Sea’s structure got trashed, Ukraine has Russia in a serious bind, Singapore’s fuel oil stocks are becoming a concern, and a swelt
The North Sea’s structure got trashed, Ukraine has Russia in a serious bind, Singapore’s fuel oil stocks are becoming a concern, and a sweltering European heatwave is seriously constraining power supply.
Permissions are flowing as easily as oil through the Strait of Hormuz. The US issued a waiver to allow purchases and trade of Iranian oil until 21 August, according to an OFAC statement. The statement does not even limit the countries or parties that can now make such purchases. Prices felt the relief of apparent progress and Brent dropped to under $78 by the close. Traders are getting excited and some can’t wait to go to Iran. Governments fight; traders just want to do business. Perhaps the UK is breathing a sigh of relief it no longer has to deal with Keir Starmer as he resigns. His tenure as PM lasted almost exactly two years and included yet another closure of a UK refinery. The North Sea remains untapped as tightening regulations and taxation make it impossible and impractical to open new wells or develop existing ones. Naturally, the resignation prompted crooning from Trump on Truth Social… We say, wait until the next one 😊
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