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I’m a few minutes late, but it’s Love You Pet Day! Here’s my cute kitties, who I love very much 💕😻😻 it’s been several years since I had any pets and I’d forgotten what it was like. Now I can’t imagine being without my mischievous little twins. #itsablueegglife Do you have a pet? If not, what kind of pet would you like? If I didn’t have my kitties, I’d want a night fury dragon 😄 🐉 . . . #loveyourpetday #loveyourpetday2019 #russianbluecute #rescuekitties #rescuecatsrock #itsatwinthing #itsasiblingthing #itstrouble #herestrouble #doublethetrouble #petsofinsta #petoftheday #petofinstagram #furfriends #cat_features #catsforever #igmeows #cutecatcrew #catsareawesome #bestcats_oftheworld #catlife #petscorner #adorablepets #petportraits #petportraitcommission #ipreview via @preview.app https://www.instagram.com/p/BuIwyFDHdoQ/?utm_source=ig_tumblr_share&igshid=1fuo86oe2u6x6
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Weekly Oil Views: Calm Before the Storm? Iran Could Open a Proxy Battlefront
The oil market may be underestimating Iran’s ability to disrupt oil flows in and out of the Middle East and thepotential repercussions.
Crude prices largely shrugged off last week'sattack by Yemen's Iranian-backed Houthi rebels on Saudi oil tankers in the Bab el-Mandeb strait, which forced the kingdom to indefinitely suspend oil shipments from the Red Sea on its western coast.
Thekingdom, the world's largest exporter of crude and the only producerwith any significant spare production capacity,wields tightcontrol over the flow of information and routinelydownplayssecurity incidents. But the chokepoints in the waterways aroundthe Arabian Peninsula are not the only ones in danger from an increasingly rattled Iran. Thereare signs thatcriticaloil and gas facilities onshore Saudi Arabia are becoming growingtargets ofsophisticated ballistic missiles being fired from itstroubled southern neighbour.
Withthe August 6 implementation date for the first batch ofunilateral US sanctions against Iran approaching, the war of wordsbetween the two countrieshas becomeprogressively uglier. Inthe Middle East, proxy wars between Saudi Arabia and Iran haveescalatedin recent years, particularly Yemen, where the Houthi rebels seized control ofthe government in Sana'a in late 2014, unseating the now-exiled government, which is backed by the Saudis.
Saudi Arabia snubbed Iran at the OPEC/non-OPEC meetings June 22-23 in Vienna, effectively bulldozing a decision to increase output -- with support from its Gulf Cooperation Council peers and major non-OPEC collaborator Russia -- against vehement opposition from the Iranian oil minister Bijan Zanganeh. The Islamic Republic sees a direct connection between the US seeking to squash its oil revenues and Saudi Arabia preparingto grab itsmarket share.
It was the Saudi kingthat Tehran'snemesis Donald Trump called upa few weeks ago, demanding higher oil production to cool down prices. And it is Saudi Arabia that boosted outputby the largest amount and in the shortest possible time since then.
Iran does not have to take on the US or its Fifth Fleet stationed in countries around the Persian Gulf (though it has revived threats of shutting the vital oil conduit of the Strait of Hormuz) to disrupt oil flows. At least not yet. It could use the Houthi rebels inYemen tolaunch more intensive and damaging attacks on thekingdom's oil facilitiesand send crudeprices rocketing, which would hurt Trump too.
Contract Jul 27 settle Jul 20 settle 52-week high 52-week low ICE Brent (Sep 2018) 74.29 73.07 79.80 50.27 NYMEX WTI (Sep 2018) 68.69 70.46 74.15 45.96
Source: CME (NYMEX WTI), ICE (Brent). All prices in USD/barrel. "Settle" refers to the day's closing price. All figures are for the most-active front-month futures contract on the given days. The 52-week high and low numbers are the front-month contract's closing levels for the day.
» Get straight to the source on Smartkarma.
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