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According to Irans Tasnim News Agency, the Iranian military stated that it has launched drone attacks on US F-18 fighter jet positions, personnel accommodation facilities, and equipment warehouses at the Azraq base in Jordan, and claimed that it had previously carried out six rounds of strikes against US regional bases.Conflict Updates: 1. The Iranian Revolutionary Guard launched Operation Nasr 2. 2. Iran claims the US has entered a formal state of war. 3. Iran reports an explosion at a US military base in Kuwait. 4. The Iranian Revolutionary Guard attacked US targets in Bahrain. 5. US military: Completed a new round of strikes against Iran; 50,000 troops deployed in the Middle East. 6. The Iranian Revolutionary Guard claims to have attacked and destroyed two vessels violating regulations. 7. Iranian media: Iran attacked the US Navys Fifth Fleet headquarters. 8. Jordan intercepted and shot down four missiles that entered Jordanian airspace from Iranian territory. 9. The Iranian Revolutionary Guard claims to have attacked a US airbase in Jordan using ballistic missiles. 10. The Iranian Revolutionary Guard: Destroyed a Patriot radar in Bahrain, an air traffic control radar of the US Navys Fifth Fleet, and a C-RAM early warning radar system. 11. According to CNBC: US officials say the US military launched several additional strikes against Iranian military targets on Tuesday to eliminate emerging threats. 12. Five explosions were heard west of Bandar Abbas, Iran; four locations in Bushehr were hit by enemy artillery fire; air defense systems near the Bushehr nuclear power plant were activated; multiple explosions were heard in Bempourna and Chabahar; Hungam Island was attacked by US artillery fire. Strait of Hormuz: 1. The French Defense Minister stated that the country is prepared to clear mines in the Strait of Hormuz. 2. Iran attempted to smuggle crude oil before the blockade was reinstated; several oil tankers secretly transited the strait. 3. The Iranian military stated that the Strait of Hormuz will not be opened due to "US aggression" or war. 4. The UKs Office for Maritime Trade Operations received a report of an incident 13 nautical miles southeast of Lima, Oman. An oil tanker reported being attacked by a missile while sailing along the southern route. 5. White House officials stated that Trump is "very serious" about the 20% toll plan. 6. Oman reiterated its commitment to continue cooperating with all parties to restore freedom of navigation in the Strait of Hormuz. 7. Trump: No one should charge a fee for the strait. 8. Iranian Revolutionary Guard: The reopening of the Strait of Hormuz will be delayed as long as the US continues its actions. 9. US Energy Secretary Wright: There will be no toll for passage through the Strait. The 20% toll is no longer being considered. Other developments: 1. Lebanon and Israel are negotiating in Italy to finalize an agreement to end the conflict. 2. Sources: Rome negotiations discuss determining the timing of the test zone and the Israeli withdrawal. 3. The Iranian Foreign Ministry condemned Britain for designating the Revolutionary Guard as a national security threat. 4. Israeli media: The US has suspended the withdrawal of military aircraft from Israeli airports. 5. Iranian Deputy Foreign Minister: Iran currently has no commitments under the framework of the Islamabad Memorandum of Understanding. According to the Iranian news agency IRNA: Irans Hengam Island was attacked by US artillery fire.The U.S. House of Representatives passed a bill to permanently implement Daylight Saving Time and sent the bill to the Senate for consideration.According to Irans Mehr News Agency, air defense systems near Irans Bushehr nuclear power plant have been activated.

WTI advances toward $75.00 as China-related demand optimism offsets recession fears

Daniel Rogers

Jan 09, 2023 11:55

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In the early hours of Monday, WTI steadily climbs near the intraday high of $74.70 as bullish emotion competes with economic slowdown worries. Despite this, the weaker US Dollar and a light schedule allow buyers of black gold to maintain control following Friday's mixed performance.

 

In spite of this, the risk profile remains elevated in light of China's reopening of its borders after a three-year closure. On the same line, Guo Shuqing, party secretary of the People's Bank of China, made his remarks (PBOC).

 

Reuters, transmitting China unlock news, claimed that "about 2 billion journeys are anticipated this season, roughly doubling the volume of previous year, and recovering to 70% of 2019 levels," citing a statement from the Chinese government.

 

On the other side, PBOC's Shuqing stated, "The world's second-largest economy is likely to recover rapidly due to the country's optimal Covid-19 response and the continued implementation of its economic policies."

 

The US Dollar Index (DXY) fell the most in three weeks the day before, down 0.20% intraday to 103.70 as of press time, as the US employment report failed to excite greenback purchasers and the US activity numbers stoked fears of an economic slowdown. It's worth mentioning that the previous day's disappointing US wage growth, ISM Services PMI, and Factory Orders weighed on Treasury bond yields and the DXY.

 

On a different page, reports regarding a delay in the restoration of the colonial pipeline and the Russia-Ukraine conflict appear to also benefit energy buyers. Traders fear additional rate hikes ahead of the release of the Consumer Price Index (CPI) for December from China and the United States on Wednesday and Thursday, respectively, which tests the positive momentum.

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