Post #3868 by Steve203 on the Macroeconomic Trends and Risks board

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Trump says the US will extend its ceasefire with Iran at Pakistan's request

SLAMABAD (AP) — President Donald Trump said Tuesday the United States is extending its ceasefire with Iran at Pakistan’s request as he waits for a unified proposal from the Islamic Republic.

The announcement came as last-minute ceasefire talks between the U.S. and Iran looked uncertain and a two-week truce was set to expire Wednesday.

https://currently.att.yahoo.com/news/articles/ml--...

And this means? Oil already on the seas gets to it's destination, and is consumed. National oil reserves are depleted. So, there will be nothing to make up even a portion of supply lost from the Strait being closed. The Philippines never had much of a reserve. The Beeb has been reporting on fuel shortages. This will happen in progressively more countries, as long as the Strait is shut down.

The Philippines has declared a state of national energy emergency as the conflict in the Middle East cuts fuel supplies. President Ferdinand Marcos Jr said he had signed an executive order to safeguard energy security amid severe disruption to global supply chains. The Philippines is highly dependent on fuel imports and particularly vulnerable to disruptions in production and shipments. The US-Israel war with Iran - and the effective closure of the Strait of Hormuz, a key shipping route - has sent shock waves through global energy markets, causing soaring prices and shortages.

https://www.bbc.com/audio/play/p0n8hy4q

Buckle up kids.

Steve

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