From Jamie Dimon’s warning to tanker rates and gas prices surging, along with US President Donald Trump’s warning, these are the top overnight developments from the US-Iran war as the conflict enters its fourth day.
1 / 7The war between the US and Iran, along with Israel, has entered its fourth day on Tuesday, with the latest development being the US Embassy in Riyadh being subjected to a drone attack, resulting in a minor fire and damage to the building. Here are some of the major overnight developments that you should know:
2 / 7More To Come | US President Donald Trump told CNN in a nine minute telephone interview that the biggest wave of attacks on Iran is yet to come. He also said that the operations could go beyond the earlier projected four to five weeks. “We’re already substantially ahead of our time projections. But whatever the time is, [it’s] OK, whatever it takes,” Trump said at the White House.
3 / 7Strait of Hormuz | The Strait of Hormuz continues to remain a flash point in the ongoing war with an Iranian Revolutionary Guard commander saying that the narrow transit point, through which nearly 20% of global crude supply passes, is now closed. According to a Reuters report citing Iranian Media, Iran has vowed to set any ship trying to pass through the Strait, on fire.
4 / 7Gas Prices Surge | While crude oil prices saw gains of up to 13% overnight, gas prices saw a bigger move. Gasoline futures in the US surged by as much as 9.1% to $2.496 a gallon on Monday, the highest since July. Prices topped the $3 mark earlier today. Experts believe that gasoline prices could go up by 25 cents a gallon if oil goes up by $10 per barrel. European gas prices also surged over 40% overnight.
5 / 7Tanker Rates Surge | Very large crude carriers or VLCC saw rates surge even after an already sharp increase in the first two months of the year so far. As per the Baltic exchange, the time charter equivalent, the essential daily revenue for VLCCs surged to $1,77,469 last week from $37,869 at the start of the year. “Even without significant further disruptions in the Strait, precautionary restocking and redirection can raise already elevated freight rates further,” Goldman Sachs wrote in a note to clients on Sunday.
6 / 7Jamie Dimon Warns | JPMorgan Chase CEO Jamie Dimon warned of increased cyber and terrorist attacks globally after the US attacked Iran over the weekend, along with Israel. “The most important thing is that we keep the Western world free and safe for democracy,” Dimon said. “People like this have gotten away literally with murder for 50 years, that’s far more important.” Dimon added that banks could be targets of such potential attacks.
7 / 7Political Fallout | Senate minority leader Chuck Schumer called President Trump “one of the most trigger happy President in all of American history.” Schumer urged senators to support a war powers resolution to curb Trump’s military action in Iran that will get a vote on the Senate floor this week.
