Get you up to speed:
Trump claims Iran war nearly complete while threatening action over oil flow
Donald Trump stated, “I think the war is very complete, pretty much… very far ahead of schedule.” He warned that if Iran disrupts the flow of oil in the Strait of Hormuz, the US would respond with greater force.
According to Jan Rosenow, Leader of the Energy Programme at the Environmental Change Institute of Oxford, while the UK has petrol stocks for a few weeks to match normal consumption rates, the current panic-buying behaviour is concerning. The UK’s situation is exacerbated by the fact that it has only 1.5 days of gas demand available, as reported by National Gas.
Donald Trump believes the war is nearly complete and is prepared to retaliate against Iran if they obstruct oil flow in the Strait of Hormuz, promising severe consequences. Meanwhile, the UK faces significant energy supply risks with only 1.5 days of demand left, and petrol stations in Manchester are experiencing shortages due to panic buying.
Trump says Iran war will be over ‘very soon’ before threatening ‘fire and fury’ | News World
Donald Trump has said he thinks the war is ‘complete’, but has warned to unleash ‘fire and fury’ upon Iran if they block the Strait of Hormuz.
Speaking to CBS News, Trump said: ‘I think the war is very complete, pretty much… very far ahead of schedule.’
Although oil prices have fallen back below $90 per gallon, Trump seems to think the conflict is almost over, even if his own Defence Department thinks it may linger for a while longer.
Despite thinking the war might end soon, Trump took to social media and said that if Iran stops the flow of oil in the Strait of Hormuz, the US would make it ‘make it virtually impossible for Iran to ever be built back.’
On Truth Social, he wrote: ‘If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far.
‘Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again – Death, Fire, and Fury will reign upon them – But I hope, and pray, that it does not happen!
Hundreds of ships have come to a halt in the Strait of Hormuz (Picture: Marine Traffic)
‘This is a gift from the United States of America to China, and all of those Nations that heavily use the Hormuz Strait. Hopefully, it is a gesture that will be greatly appreciated.’
The back-and-forth dialogue from Trump sent oil prices and stock markets see-sawing.
The war has choked off major supplies of oil and gas to world markets and sent fuel prices rising across the US.
The fighting has also led foreigners to flee from business hubs and prompted millions to seek shelter as bombs hit sites including military bases, government buildings, oil and water installations, hotels and at least one school.
The selection of Ayatollah Mojtaba Khamenei to succeed his late father as Iran’s supreme leader sent oil prices surging and markets sliding.
Investors saw it as a signal that Iran was digging in, 10 days into the war launched by the United States and Israel.
Oil prices later fell, and the US stock market closed higher after Trump told a group of politicians at his golf club: ‘We took a little excursion to get rid of some evil. And, I think you’ll see it’s going to be a short-term excursion.’
Trump told reporters he thinks the war is near ending (Picture: AP)
Still, oil prices topped $100 per barrel yesterday, a price not seen since the summer of 2022 when Russia began its illegal war in Ukraine.
Though China and Russia face risks of energy supply loss after the attacks in Iran, there are ‘greater risks’ for the UK and Europe than for America.
The UK has just 1.5 days of demand, according to new data published by National Gas, and is now paying the highest wholesale gas prices in Europe as supplies from the Middle East dry up.
Queues for petrol stations are mounting, with some stations in Manchester running out – with fears that the situation could worsen as people panic buy.
Jan Rosenow, Leader of the Energy Programme and Professor of Energy and climate policy at the Environmental Change Institute of Oxford, pointed out that mass panic-buying petrol in the UK is behavioural, but notes that the UK does have petrol stocks for a few weeks to match normal consumption rates.
Comment now
Comments
Add WTX as a Preferred Source on Google
Great article! This really puts things into perspective. I appreciate the thorough research and balanced viewpoint.
Interesting read, though I think there are some points that could have been explored further. Would love to see a follow-up on this topic.
Thanks for sharing this! I had no idea about some of these details. Definitely bookmarking this for future reference.
Well written and informative. The examples provided really help illustrate the main points effectively.
This is exactly what I was looking for! Clear, concise, and very helpful. Keep up the excellent work!