US Treasury Secretary Bessent says US is not attacking Iran's energy infrastructure; we have allowed Iran oil to continue out of the Gulf, via Fox Business Interview; US may unsanction Iranian oil on the water in the coming days
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US Secretary of War Hegseth says US objectives on Iran are on target and on plan; Iranian objectives have not changed from the start; today will again be the largest strike package on Iran; US will finish the operation
[MARKET UPDATE] Crude futures see downticks as US Treasury Secretary Bessent suggests US could do another SPR release to keep price down and that US may unsanction Iranian oil on water
US Treasury Secretary Bessent says US is not attacking Iran's energy infrastructure; we have allowed Iran oil to continue out of the Gulf, via Fox Business Interview; US may unsanction Iranian oil on the water in the coming days
[MARKET UPDATE] Markets see a modest hawkish reaction (stocks, bonds, precious metals down) as another G10 central bank tilts more hawkish amid the energy shock from the Iranian war
UK BoE MPC Vote Cut 0 (exp. 2; prev. 4)
On the Newsquawk feed at , 20 minutes before this page.
- Says Strait of Hormuz is a temporary choke point.
- Iranian barrels are about 140mln.
- Will use Iran oil to keep prices down.
- US could do another SPR release to keep prices down.
- US may do a unilateral SPR release.
- Treasury is NOT intervening in the futures market.
- Treasury is intervening in markets by creating excess supply with oil that is on the water.
- Not going to do financial market oil intervention.
- Know where Iran leaders bank accounts are.
- Starting to see defections in Iran.
- Will see if Kharg Islands eventually becomes a US asset.
- In time, oil prices will be lower than before February 28th.
US
- Economy is strong, consumer is strong. US growth can be above 3% this year.
- Fed investigation is not Trump's decision, it is Pirro's.
- Warsh meeting on Hill is going very well.
- There will be a Warsh confirmation hearing.
- What will be held up is the senate vote on Warsh.
- It is out of historic norms if Powell stays on as governor.
Japan
- US President Trump has an excellent relationship with Japanese PM.
- Japan Navy is one of the three great world navies, it has some of the best minesweeps.
- Would not expect Japan to join the bombing campaign on Iran.
- Would expect Japan to be interested in securing oil supplies from Gulf.
- Think Japan is going to supply the market with oil reserves.
China
- Postponed China trip to stay in US during Iran war; the delay was about logistics, not about the Hormuz.
- China was funding the leading sponsor of global terrorism in buying oil from Iran.
- When the US unsanctions Iran oil, it can go to places ex-China.
Cuba
- It will be a slow motion regime change in Cuba.
Context
The comments from US Treasury Secretary Bessent indicate a strategic approach to Iranian oil that aims to stabilize prices by potentially unsanctioning Iranian barrels currently on the water. This could put downward pressure on crude prices, influencing commodities markets and impacting currencies tied to energy exports, while also signaling the US commitment to managing oil supply dynamics. Furthermore, Bessent's remarks hint at broader geopolitical maneuvers involving oil supply routes and international relations, particularly with Japan and China, that could reshape energy market expectations in the near term.
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