Middle East conflict update and oil market implications (with Joe Kernan, Kelly Evans)

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Middle East conflict update and oil market implications (with Joe Kernan, Kelly Evans)

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Oil prices back to triple digits this morning Traders are discounting a quick diplomatic solution as the US Navy begins its blockade, indicating immediate upward pressure.

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President Trump says the U.S. will begin a blockade of Iranian ports in just a few hours at 10 a.m. Eastern time.

Kelly Evans
Dan Murphy

Oil prices back to triple digits this morning as traders discount the possibility of a quick diplomatic off-ramp.

The president's framing suggests a blockade of Iran, not just the strait, with warnings that Iranian forces firing on US troops or shipping will be 'blown to hell.'
Dan Murphy

The Wall Street Journal reports President Trump is weighing resuming limited military strikes if the blockade fails to break the stalemate.

Iran has threatened that if its ports are threatened, no port in the Persian Gulf and Sea of Oman will be safe.
Dan Murphy

China is Iran's largest oil buyer and a blanket blockade on Iranian crude directly threatens that supply, risking drawing China in just weeks before Trump's planned trip to Beijing.

The Gulf states are back on edge, and anyone trading oil is watching what happens when the blockade begins.
China was quick to say they're not supplying weapons, suggesting Iran may not be able to count on China.

Joe Kernan
Dan Murphy

China has been the primary buyer of Iranian crude, a major economic lifeline. Analysis suggests a $250 million per day impact if China cuts off purchases or Iran can't export.

How long Iran can withstand that is a key question the US president is considering.

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