Hissy-fit.
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Iran just got a US warship with missiles after it ignored warnings. (Reported on msnow moments ago)
Oil futures jumped 5% and market futures are down.
US seems to be denying the claim they were hit.
can’t tell who to believe. 
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I don’t see this ending anytime soon as both sides are now basically looking for a statement that their side was victorious.
Iran has the moral high ground (based on being attacked twice during previous negotiations) but I don’t see them giving Trump an off-ramp he will accept due to their own domestic issues (too much damage has been done so they will demand reparations) + Trump’s usual narcissism (the war has gone badly for the US so he is now hell bent on trying to twist reality to something that works better in his favour).
Meanwhile, in the real world the supply issues are reaching critical levels that you cannot fix once they break.
Aviation fuel is one.
Well the Iranians haven’t lied to me so far.
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IFYP . . . I agree that Trump’s administration hasn’t be fully truthful that can be confirmed.
This is the part that is less understood. High-value add economic activity will be damaged by the oil supply crunch. This will deeply affect western developed countries who are also mostly service-based economies doing higher value-add work.
Oil consumption today is more concentrated in high-value uses and in areas where there is no substitute, like road or air freight and maritime shipping. These are load-bearing economic activities, less price sensitive than discretionary or consumption-oriented drivers of growth. Once disrupted they are likely to cascade through the economy. Traditionally, oil price increases translate into an economic recession via inflation and tighter monetary policies; or by affecting growth directly, through diminished purchasing power or by triggering fiscal and balance of payments constraints. It is mostly the average cost of oil that matters to these channels.
Today, price increases will hit the high-value use of oil which cannot be substituted. The cost then is the loss of economic activity and value creation, caused by shutting down a particular node. Oil concentrated in high-value uses is a little bit like rare earths, tiny compared with the size of GDP but essential for much of it. If the size of a supply disruption requires demand to come down and prices surge to the required level, the response will be sudden with a potentially unforeseen and disproportionate impact on economic activity. Modern, wealthy and service-based economies do not have an escape hatch. With transport disruptions, their supply chains become vulnerable and disruptions unpredictable. The longer the two blockades continue, the more likely a crisis-like adjustment in the world’s leading economies, rather than the slow-growth recession we have been used to.
Reeves apparently told off Bessent for sounding like a jackass
Just wish more foreign politicians would stand up strongly to Trump and his officials rather than grovel.
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I wish the domestic ones would too…
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Rubio: Trump was so victorious with his Special Military Operation in Iran that he has decided to start a new Special Military Operation in the Strait of Hormuz.
I am so naive that when I heard about the “new” military action in the Strait of Hormuz that is totally separate and unrelated to the military action in Iran that it was a joke, because who could possibly think that that was a thing.
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Give it a new name and the 60 day clock resets.
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Just need to give it a new location, IMO.
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This was my first thought as well.
The Trump administration really likes the 1950s and 1850s. They’re treating their allies around the Strait of Hormuz like colonies.
We’re doing a totally new and unrelated military action in Iran. Once the clock expires on that one, we’ll do another completely unrelated attack.
and an attack that in no way breaks the cease fire