A new endless war for oil

Trump’s endless war on Iran is now official.

As the 60-day deadline for the Memorandum of Understanding is about to expire on Sunday, Pakistan is trying to revive it. Good luck.
Despite ceasefires in place in both areas, the Israeli army conducted bombs and demolitions in southern Lebanon and launched its first attack on Gaza in almost a week.
The Lebanese army claims that ongoing Israeli attacks are impeding the return of civilians to their homes and delaying it from finishing its deployment in southern Lebanon.
US President Donald Trump tells reporters at Joint Base Andrews that US forces have “total control” over the Strait of Hormuz and that the situation with Iran is “going fine.”
US blockade turns back 59 ships.
A raft of top military appointments by Supreme Leader Mojtaba Khamenei marks a shift to an “offensive doctrine,”
Houthi rebels in Yemen have launched fresh ballistic missile attacks on the vital port of al-Makha (Mocha) in Yemen.

In oil news, Brent and cracks eased as short-term supply data were OK, with some inflows into Cushing.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.