Trump's calculus in bombing Kharg Island: Will oil prices soar to $200 next week, creating a window for price suppression before the midterm elections?

Jim Bianco, a senior macro strategist on Wall Street, speculated that the U.S. side assessed that reopening the Strait of Hormuz through conventional military means could take weeks or even months, during which oil prices might soar to $200, causing devastating damage to the global economy. Therefore, it would rather allow oil prices to spike earlier, leaving a six-month window for a pullback before the midterm elections.

wallstreetcn13:32

Express News | The Turkish Minister of Transport confirmed that a Turkish vessel has been granted passage through the Strait of Hormuz.

BreakingsMar 13 23:54

Ahead of this week's 'epic volatility' in oil prices, hedge funds placed the largest bullish bets on crude oil since 2020.

The Iran conflict has triggered a near-two-week shutdown of the Strait of Hormuz, putting sudden pressure on one-fifth of global oil supplies. Hedge funds have aggressively entered the market, with net long positions in Brent crude oil surging by over 65,000 contracts in a single week to reach 351,032 contracts, hitting a six-year high. Bullish bets on U.S. crude oil simultaneously rose to an eight-month peak. Oil-producing nations have been forced to cut production, while refiners face contract breaches. Volatility has spiked to its highest level since the Russia-Ukraine conflict, as the market recalibrates for a supply crisis that far exceeds expectations.

wallstreetcn09:49

Express News | Trump announced an airstrike on Kharg Island, Iran's oil export hub. (Xinhua News Agency)

Breakings07:10

Express News | When will the US military escort oil tankers through the Strait of Hormuz? Trump's latest statement: very soon.

Breakings07:03

The US has deployed additional Marine Corps units and naval vessels to the Middle East, with Trump claiming that a 'massive airstrike' on Iran will occur next week.

US media reported that the Pentagon is considering sending additional destroyers to escort in the Strait of Hormuz; Trump declined to comment on whether the US would seize Iran’s Kharg Island oil hub, reiterating that escorts will be provided if necessary; Turkey's Minister of Transport confirmed that a Turkish vessel has been granted passage through the strait; Italy denied negotiating with Iran for passage through the strait. The US Defense Secretary announced the launch of the largest-scale strike to date on Friday, aiming to destroy Iran's entire military capability; the US military stated that all six personnel aboard the refueling aircraft that crashed in Iraq have perished, and the cause of the crash is under investigation; Iraqi militia forces claimed to have shot down a US aerial refueling aircraft. Iran announced that it launched 30 super-heavy ballistic missiles on Friday, destroying Israel’s key aerospace surveillance system, marking the most intense air assault on Israel to date. Turkey stated th

wallstreetcn02:26