The Art of Misdirection
We continue to dance to Donald Trump's tune, unsure of his objectives. To free the Iranian people? To show China how badly he can make them suffer by strangling their trade routes? To flex muscles against Russia, an ally of the ayatollahs, and block their access to Iranian drones? To profit from continuous contradictory statements that feverishly fluctuate the markets?
TL;DR
- Countries dependent on oil imports are working to lessen the impact of Trump's actions.
- The International Energy Agency (IEA) members agreed to release 400 million barrels of oil from emergency reserves.
- This is the largest intervention in the IEA's history, surpassing previous actions.
- Spain will release oil reserves equivalent to 12 days of its consumption.
- Oil prices rose by 4% to over $91 per barrel, and European natural gas prices increased by 3%.