In the face of collapsing oil prices that actually saw the spot price of West Texas Intermediate (WTI) go well below zero as storage capacity ran out in the United States, U.S. President Donald Trump today jawboned the price of oil higher to protect this vital American industry by threatening Iran whose fast boats continue to harass U.S. Navy ships in the Persian Gulf.
NORTH ARABIAN GULF (April 15, 2020) Iranian Islamic Revolutionary Guard Corps Navy (IRGCN) vessels conducted unsafe and unprofessional actions against U.S. military ships by crossing the ships’ bows and sterns at close range while operating in international waters of the North Arabian Gulf. U.S. forces are conducting joint interoperability operations in support of maritime security in the U.S. 5th Fleet area of operations, wrote the Defense Vital Information Distribution Network.
WTI for June delivery spiked approximately 30% as of writing this post.
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