Trump ran out of time on Iran
Trump's war with Iran wasn't the error. Running out of time and dithering for 10 weeks was.
Exxon's CEO warned last week that the world's strategic oil reserves, which had been dumping stored product to keep prices from hitting $150/barrel, were about to dry up. Another week and we're looking at a global recession.
Iran knew this. Their position got stronger every single week Trump delayed. By the end, America was cornered. That's why we got the worst deal since Carter.
The script was: start the war, move fast, declare victory. Instead, Trump got bogged down and let the other side figure out the math. Amateur hour meets geopolitics.
US commercial crude oil inventories are reaching critical levels: Crude inventories at Cushing, Oklahoma, the largest commercial storage hub in the US and the pricing point for WTI Crude, dropped -1.6 million barrels last week, to 20 million barrels, the lowest since 2014. This marks the 8th consecutive weekly decline, totaling -8.3 million barrels. As a result, Cushing now holds less than 2 days worth of US crude production, approaching the minimum level at which the facility can continue pumping oil efficiently. Once inventories fall below ~20 million barrels, extracting crude becomes technically difficult and more costly, while oil quality can deteriorate due to water and sediment. Meanwhile, the Strategic Petroleum Reserve is down to ~340 million barrels, the lowest since 1983, after 172 million barrels were released to contain war-driven fuel price increases. US oil inventories down to levels rarely seen in modern energy markets.
Source
x.com