Missiles rain hell upon oil

Today’s headlines. If you think this war isn’t escalating, you’re not paying attention.

Houthis rain hell upon Saudi oil and military with dozens of missiles and drones.
US rains hell on Iranian tankers around Kharg Island.
Iran fires over 40 missiles on US ships and Jordanian bases, including cluster munitions, and warns crews of all ships near Kuwait and Bahraini ports to evacuate.
Iran’s floating storage is now at 30 mb/d, down from 90 mb/d in February, highlighting the regime’s increasing desperation.
Iran captures US submersible drone.
US sanctions nobody of importance.

Brent is on the march to $100. Dated is already well above it. Diesel cracks eased.

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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.