Oil prices rise after Iran reports strikes

Iran’s state IRNA news agency reports:

“Official sources have confirmed that Sirik in Hormozgan Province has been targeted minutes ago by the enemy”.

There were reports earlier of explosions being heard in Sirik and it was confirmed. Importantly, the confirmation suggests that state media might be looking to highlight the attack, perhaps in preparation for returning to war.

That fits with a recent video highlighting a rebuilt (or hidden) underground missile city.

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Iran may have concluded that it won’t be able to get an acceptable deal and that further fighting is inevitable. The US is also sailing a third aircraft carrier to the region with talk of potential strikes in the next week and around the Nov 24 full moon.

The oil market took notice today with WTI up $2.27 to $88.78 per barrel. That’s a notable bounce after the fast drop to $112 on November 2.

Trump also stamped out any talk of JD Vance negotiating directly with Iran today when he wrote:

I have asked Vice President Vance to focus his complete and total attention on the Massive Corruption and Crime taking place in Democrat run Cities and States throughout the U.S. The Blue States, such as Minnesota, California, Illinois, and many more, are all poorly run, corrupt disasters. Billions of Dollars is being stolen each and every month. Our Budget could be quickly BALANCED with the correction of this large scale criminal activity. CORRUPTION is in the Democrat Leadership’s blood! We don’t need a deal with Iran. Those days have long since passed. We’ve got their money, Hundreds of Billions of Dollars, and we’ve got their Strait! Thank you for your attention to this matter. President DJT

I fear this is all headed in the wrong direction, unless you’re an oil bull.

This article was written by Adam Button at investinglive.com.

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