Cutting Through the lies of the US administration

Looking at the market overnight: We had this big sell off overnight on the news of Iran hitting 2 oil tankers. The US conducted a big SPR reserve drain yesterday, but it hasn't really had a massive impact on oil prices. They're off the highs, but not by that much. This is a realistic reaction if you understand the details of releasing the SPR. Chris Wright, or should I say Chris Wrong, is saying that the oil will be released within the next 2 weeks. Hate to tell you folks, but you're being lied to again there as the US admin tries to manage oil prices. Firstly, the Strategic petroleum reserve is more about sentiment than anything else. yes the coordination of release from other G7 countries will have a temporary impact, but it is only buying time. Nothing can override the disruption to the Strait. The US SPR accounts for about 20 days of Us oil consumption by the way, so not that much. Also, the SPR will actually take about 120 days to deliver, based on planned discharge rates. So definitely not the 2 weeks that Chris Wright was telling you. The US Navy officials, according to WSJ are warning the Strait of Hormuz has become an Iranian "danger zone" for ships trying to cross it, so the military escorts don't seem too close and we had a report this morning from the WSJ that the reopening of the Strait may require a ground operation to seize parts of Iran's coastline. So the pressure on oil is definitely still to the upside. SPR releases won't solve it. Trump needs NEGOTIATION. He needs SUSTAINABLE DE-ESCALATION, and not just bullshit words like he gave us at the start of the week. That won't work in the long run. The US is doing everything they can to stop oil prices going higher, and this is working to an extent, but it's not long term sustainable. What Trump is telling us that the entire Iranian leadership has been eradicated, suggesting that the war is almost over, has been actively debunked by a Reuters report this morning, who said that US own intelligence assesses Iran’s leadership remains largely intact and the regime is not at risk of collapse after nearly two weeks of U.S. and Israeli bombardment. A bit worrying indeed that the lies are becoming so brazen and blatant.