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A senior Ukrainian official said that Russian ballistic missiles struck the Ukrainian capital, Kyiv.Conflict Situation: 1. Trump threatens to strike Irans "Ghoshka" underground nuclear facility. 2. The US military announces its third consecutive night of strikes against Iran. 3. The US military uses unmanned surface vessels for the first time in its strikes against Iran. 4. Satellite images show a precision strike on the US Al Udeid Air Base in Qatar. 5. Iranian Revolutionary Guard: Attacks a US military base in Kuwait. 6. Jordan claims to have intercepted and shot down four missiles that entered its airspace from the direction of Iran. 7. Iranian Revolutionary Guard: Strikes a US military facility in Bahrain and destroys a radar system in Oman. 8. US Central Command: The US military did not launch a strike on Irans Kharg Island. 9. 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Iran will not fulfill its commitments in the memorandum of understanding unless the US does not fulfill its commitments. 3. Iranian Foreign Ministry: Claims that Iran requested negotiations are part of psychological warfare waged by the US. 4. Iranian Foreign Ministry: We have recently maintained contact with Qatar, Oman, and Pakistan, and communication will continue. Strait of Hormuz 1. Iran: The Strait of Hormuz remains closed. 2. Iran stated that ships sailing along parallel routes to the US in the Strait of Hormuz will face risks. 3. Iranian Foreign Minister: Consultations with Oman on the management of the Strait of Hormuz will continue. 4. Irans Straits Authority: Resumption of passage requires stabilization of the situation. 5. Advisor to Irans Supreme Leader: We will never back down on the Strait of Hormuz issue. 6. Irans Supreme Joint Military Command: Iran will not allow the US to interfere in the management of the Strait of Hormuz. 7. Dubai plans to build a new port to bypass the Strait of Hormuz. 8. Irans Revolutionary Guard: Ships violating regulations again will face decisive punishment; if the US attempts to solidify violations, it will be punished again. 9. Trump: Immediately reinstate the blockade of Iran, charging a 20% fee on cargo transport. 10. Iranian Foreign Minister: Charging a fee to ensure passage through the strait is necessary, but Trumps 20% fee is too high. 11. The US military will begin implementing a maritime blockade of all Iranian ports and the Iranian coast at 04:00 Beijing time on July 15th. The blockade applies to all ships. 12. Joint Maritime Information Centre (JMIC): The threat level for passage through the Taiwan Strait remains "serious." Further deliberate hostile activities are possible. Other developments: 1. Iran lifts export ban on petrochemical products. 2. The UK designates the Iranian Revolutionary Guard as a terrorist organization. 3. Iranian Foreign Ministry: Iran will not agree to IAEA Director General Grossis request to access damaged nuclear facilities. 4. French Foreign Minister: Sanctions will not be lifted as long as Iran does not abandon its nuclear program. 5. European Commission: Launches the "Gaza Team Initiative," raising €883.6 million in financial contributions. On July 14th, local time, the Iranian military issued a statement saying that in response to the recent provocations and aggression by the United States against Iran, hours earlier, Iranian forces launched suicide drone strikes against the communication systems, fuel storage facilities, Patriot air defense systems, control towers, and ammunition depots of US troops stationed in Kuwait. In addition, in response to the US missile attacks on some Iranian military facilities, the Iranian Navy launched cruise missiles to strike US warships. The Iranian military stated that its defensive strikes against enemies who violate their commitments will be adjusted according to the severity of the enemys aggression and will continue to be carried out forcefully.The U.S. Commodity Futures Trading Commission (CFTC) has approved the final rule to amend margin requirements for unsettled swaps.July 14 - On July 13 local time, South Carolina Governor Henry McMaster announced that Darlene Graham Nodonne, the sister of the late Republican Senator Lindsey Graham, will complete the remainder of Grahams term.

WTI price falls below the $76 mark amid altering financial dynamics and global growth concerns

Alina Haynes

Mar 14, 2023 11:40

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The West Texas Intermediate (WTI) price is unchanged on Tuesday amid a weaker US Dollar and muted risk sentiment. WTI fell to a low of $72.31 on Monday as a result of a strong risk-off environment sparked by the repercussions from Silicon Valley Bank (SVB) and Signature Banks. Since then, the WTI price has risen significantly as a result of the Federal Reserve's plan to intervene. After reaching a peak of approximately $76 on Monday, the WTI price retreated as the dynamics of the US Dollar shifted.

 

The financial system is being harmed by rising borrowing costs around the world and growth concerns are being raised. The WTI price is in a corrective decline as the narrative of China's reopening does not appear optimistic, as the country has lowered its growth forecast to 5.0%.

 

The SVB debacle exacerbates global growth concerns, as it is interpreted as the first of many financial system dings. Due to rising financing costs, businesses are struggling to make their repayments, which will eventually result in a decline in demand.

 

Despite tightened production and numerous voluntary cuts from the Organization of the Petroleum Exporting Countries (OPEC), the WTI price is struggling to surpass $80.

 

Oil prices are influenced by a number of variables, including the US dollar, inflation, OPEC, and global growth concerns. Considering the aforementioned factors, it is difficult to rationalize the directional nature of oil prices, but it appears that the oil market is primarily driven by development concerns.

 

Since these nations are struggling to maintain oil prices above the desired $80 mark, it will also be crucial to monitor the OPEC position on reduced oil prices.