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On July 16th, Iranian Parliament Speaker Mohammad Ghalibaf issued a statement on the latest developments regarding the war and the domestic situation on the evening of the 15th local time. Ghalibaf stated that Iran has never welcomed war, but in order to safeguard national security and interests, it must be prepared for battle at all times and must exert every effort. Ghalibaf pointed out that Iran should also utilize diplomatic and negotiating means to achieve and consolidate its national interests. Ghalibaf stated that a memorandum of understanding is only meaningful if all its provisions are valid and being implemented. If Iran cannot benefit from a memorandum of understanding, there is no reason to abide by it. Ghalibaf stated that everyone in Iran has a responsibility to make efforts, according to the Supreme Leaders instructions, for war, diplomacy, or both.July 16 – Three U.S. officials stated that the recent series of U.S. strikes against Iran were aimed at forcing it to open the Strait of Hormuz, and also at targeting Irans military capabilities, which the U.S. hopes to destroy before undertaking more complex operations against Iran. The recent strikes have effectively enhanced Trumps additional military options. The U.S. military stated that its latest airstrikes targeted Iranian air defense systems, coastal radar stations, missile and drone bases, as well as small vessels and other maritime assets. One U.S. official stated that these strikes can be seen as "shaping operations," weakening Irans defense capabilities to allow for more intensive U.S. military operations in the future. "This helps lay the groundwork for necessary follow-up work," the official said.Three U.S. officials said the recent U.S. strikes against Iran are increasing the U.S.s options for further escalation.July 16th - According to CBS, the U.S. Department of Defense recently assessed military action options against Cuba, including a large-scale air assault option carried out by the 101st Airborne Division. Sources familiar with the matter stated that these discussions do not indicate that the Trump administration has decided to take action. Currently, a large portion of U.S. military resources are concentrated in the Middle East, limiting the likelihood of action against Cuba. The U.S. has indicated it still prefers to push for reforms in Cuba through diplomatic and economic pressure. The Pentagon responded that it would not comment on hypothetical military action.According to CBS: The United States has explored the possibility of launching airstrikes against Cuba.

In a risk-on environment with a weaker US dollar, WTI consolidates weekly losses above $83,000

Alina Haynes

Sep 09, 2022 17:17

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The price of WTI crude oil is higher for the second day in a row while paring the weekly losses at the eight-month low on Friday during the Asian session. However, by the time of publication, the black gold has reached a new intraday high of around $83.50.

 

Recent news reports from the US Treasury Department regarding the oil price cap appear to have helped drive up energy prices together with stronger sentiment and a weaker US dollar. According to the US Treasury source, "the oil price cap should be set above the marginal production cost, taking into account past Russian oil prices."

 

In other news, stronger sentiment and slow US Treasury yields cause the US Dollar Index (DXY) to fall intraday by 0.55%, to 109.05 at the latest. It's interesting to see that after a solid day, the US 10-year Treasury yields are still stuck around 3.32%, while the S&P 500 Futures tracks Wall Street's gains at approximately 4,020.

 

Recent market sentiment appeared to be aided by remarks made by US Treasury Secretary Janet Yellen, which suggested that trade relations between the US and China were set to improve. The market's attitude also appeared to have been aided by recently stronger US statistics and expectations that global central bankers will be able to offset the shock caused by inflation with a comprehensive strategy and higher rates. The Wall Street Journal (WSJ) article, on the other hand, raises some concerns about the future of China's technological enterprises and casts some doubt on the optimism.

 

A price document examined by Reuters on Friday revealed that Kuwait has decreased the official selling prices for its oil grades for the month of October from the previous month. Before the present program ends in October, US Energy Secretary Jennifer Granholm said the administration of US President Joe Biden is considering whether additional releases of crude oil from the country's emergency stockpiles are necessary. Prior to that, a Department of Energy official reportedly told Reuters that the White House was only considering releasing the 180 million barrels from the US Strategic Petroleum Reserve (SPR) that the president had already stated.

 

It should be highlighted that the recent decline in China's inflation data, coupled with the hawkish central bank activities, presents a challenge to oil purchasers. Both China's Producer Price Index (PPI) and Consumer Price Index (CPI) show unfavorable results for August. However, compared to 2.8% market expectations and 2.7% in the prior year, the headline CPI declined to 2.5% YoY, and the PPI fell to 2.3% from 3.1% projected and 4.2% in the preceding year.


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