War headlines today:
- US bombs three Iranian tankers.
- Iran bombs three tankers and three cargo ships in response.
- Secretary of Iran’s Supreme National Security Council Mohsen Rezaei is set to announce a new exclusion zone in the strait.
- US says it will bomb the strait forever.
- Israel continues to flatten Southern Lebanon.
- Russia/Ukraine peace talks yield no results.
I can’t think of a better way to sustain higher global energy prices for longer than shifting the war to tankers. It’s too early to see any meaningful progress in peace talks in Ukraine, but talks might help stem crack spreads.
