Joe Biden said "Don't", but Iran "Did". Now what?

[dan_s]

The price of WTI oil is down slightly this morning, to $84.98 at the time of this post.

Israel was able to shoot down 99% of the drones and missiles that Iran fired at them on Saturday. If Israel did not have the best missile defense system on Earth, Saturday's attack could have killed thousands and started WWIII.

A bunch of old folks called the G7 now need to decide what to do about Iran. A weak response will embolden Iran and there will likely be future attacks. Iran's proxies are still in the fight.

IMO the only non-military response that makes sense is to cut off Iran's oil revenues. Without the money they cannot afford a war.

[aja57]

Joe Biden gave the nod to Iran but 'not too much'.

https://www.dailywire.com/news/iran-targeted-major-civilian-areas-biden-admin-told-iran-attack-had-to-be-within-certain-limits-reports?topStoryPosition=1

[Fraser921]

Biden Admin Told Iran Attack Had To Be ‘Within Certain Limits

That's the dumbest thing I ever read. Just the press covering for the demented one and pretend he had some affect on the outcome.

So in essence, you can attack, but don't make it too bad.

[mitchl]

Fraser, in other words: “mostly peaceful”

[dan_s]

HFI points out the geopolitical risk is a distraction from the serious problem of under-investment in oil supplies.

Oil market fundamentals this year have been healthy, but we are entering a short-term lull. Global refinery maintenance in April coupled with stretched financial positioning means that the headwinds are building for oil prices. Couple all of that with the weakness we are seeing in timespreads and refining margins indicating to me that oil will pull back in the near term.

But don't let any of that distract you from the real setup coming this year. I think as oil pulls back in the near term, opportunistic investors and traders should continue to bet on higher oil prices going into year-end and 2025.

[Cliff_N]

If I heard the news correctly yesterday, the US reduced or removed from sanctions from Iran. Seems like a payoff for "good behavior." Something is strange. Israel did not act alone, they had help from the US and Jordan.

[mrbill]

Too many invested in Iran's welfare in DC for decades. In everyone's face. US CIA can "destabilize" anything. Stop all this war.