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On March 28, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement saying that, as part of Operation Honest Commitment 4, the IRGC Navy and Space Force conducted strikes against multiple heavy industrial targets in the United States and Israel using missiles and drones in the 85th wave of attacks. The statement indicated that this operation was in retaliation for previous attacks by US and Israeli forces against Iranian civilian industrial facilities. During the operation, Iranian armed forces launched saturation attacks on heavy industrial centers in Israel and other regions, destroying some targets. The IRGC emphasized that if the US and Israel continue to attack Iranian industrial systems, the scale of Irans subsequent retaliation will "exceed their expectations." In addition, during the interception and counterattack operations, Iranian air defense systems shot down a US-made MQ-9 drone over Shiraz. A US F-16 fighter jet was hit in southern Fars province and subsequently crashed while en route to an emergency landing at a base in Saudi Arabia.March 28 (Wall Street Journal) – Energy analysts warn that the oil market could face even greater turmoil if the Houthi rebels in Yemen resume attacks on Red Sea shipping. A renewed attack could cut significant amounts of oil from global supply and drive up prices. Saudi Arabia has been diverting as much crude oil as possible from the Persian Gulf to its Red Sea port of Yanbu, from where cargoes are primarily destined for Asia. While this hasnt fully offset the amount of oil unable to pass through the Strait of Hormuz, it has helped limit the rise in global oil prices. Analysts say that if Houthi attacks make it too dangerous for tankers to approach Yanbu, millions of barrels of crude oil could be stranded daily in the Middle East. In that case, Saudi Arabia might be forced to cut production along with Kuwait and Iraq.On March 28, the Fajar Military District of Fars Province, part of the Iranian Islamic Revolutionary Guard Corps, issued a statement saying that Iranian security forces discovered and destroyed 122 cluster bombs dropped by US and Israeli warplanes in the suburbs and surrounding areas of Shiraz, the provincial capital. The statement indicated that these cluster bombs were dropped several days earlier in areas including the village of Kafri in Shiraz, causing civilian casualties. The munitions were identified as BLU-108 submunitions carried by US-made CBU-105 cluster bombs. The statement concluded that the US and Israeli forces use of such weapons against civilian areas is further irrefutable evidence of their war crimes.Sources say Saudi Arabias crude oil exports have reached approximately 5 million barrels per day, and its petroleum product exports have reached 700,000 to 900,000 barrels per day. The Saudi East-West oil pipeline has a transport capacity of 7 million barrels per day.The head of Russias State Atomic Energy Corporation (regarding the renewed attack near Irans Bushehr nuclear power plant) stated that the situation on the ground continues to deteriorate, and the attack poses a direct threat to nuclear security.

Wall Street Mixed Ahead of Friday’s US Jobs Data; Energy Stocks Drop 3.6% on Oil Price Decline

Skylar Shaw

Aug 05, 2022 15:39

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Indices Are Mixed, and Energy Stocks Are Hurt Due to the Declining Oil Price

On Thursday, the major US stock indexes were uneven, with the Nasdaq 100 index rising 0.44 percent to new highs over 13,300 since early May, the S&P 500 maintaining flat at 4,150, and the Dow falling 0.26 percent to close to 32,725 points. A near 6.0 percent increase in Advanced Micro Devices and a more than 2.0 percent increase in Amazon's share price were the main drivers of Nasdaq 100 outperformance. While this was happening, Walmart's near 4% decline and Chevron's almost 3% decline weighed on the Dow.


Chevron was hardly the only US oil company to suffer; in fact. Exxon Mobil had a decrease of almost 4.0 percent, while the S&P 500 Energy GICS sector as a whole lost 3.6 percent. This was due to additional drops in the world's oil markets and a dimming demand forecast. WTI dropped to below $90 per barrel, its lowest point since February 2014, just before Russia invaded Ukraine.


The price of Coinbase Global's stock increased by 10% at the close of business on Thursday as a result of the announcement that global asset management firm Blackrock would provide its customers with access to cryptocurrency trading services via Coinbase's institutional platform, Coinbase Prime. Shares of COIN had increased by as much as 44% throughout the day at one point.

Investor Attention Turns to the NFP Data on Friday

Wall Street was neutral on Thursday, but none of the main indexes experienced significant swings outside of previous levels due to investors' caution ahead of the Friday publication of important US job market data. The assumption that US inflation has peaked and the notion that the labor market is now weakening as the US economy slows are just two emerging economic storylines that recent data has shown are forming.


The second of these two storylines was in fact strengthened on Thursday by new data showing an increase in US weekly unemployment claims, perhaps putting pressure on the US currency and US rates. Traders will consider Friday's data in light of how it contributes to these stories. It may be more confident in a less aggressive Fed tightening forecast if the pace of job increases slows from June's 372,000 and the pace of average hourly wage growth moderates from June's 5.1 percent YoY.


Given that the battle against inflation is far from being won, Fed officials have been careful this week to caution the markets not to get ahead of themselves by betting on rate decreases in 2023. The Fed's Loretta Mester signaled that the bank is open to another 75 basis point rate rise in September, depending on the data, and said that the Fed would need to see many months of inflation drifting down before the central bank would take its foot off the throttle in terms of tightening.

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