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The U.S. State Department advises U.S. citizens worldwide to be more vigilant about security.US-Israel-Iran Conflict: ① Iran 1. Iran claims its domestically produced air defense system hit a US F-35 fighter jet. 2. Iran claims to have intercepted an F-15 fighter jet off its southern coast. 3. Iran attacks two locations in southern Israel, injuring 175 people. 4. Iranian drones attack Jewish military infrastructure at Ben Gurion International Airport in Israel. 5. Iran launches its 74th wave of strikes. The Iranian armed forces claim they have switched from defense to offense. 6. The Iranian parliament speaker warns of cracking down on financial institutions that fund US military operations. ② US 1. Bessenter: Sometimes, to de-escalate tensions, it is necessary to escalate actions. 2. US Treasury Secretary Bessenter stated that "50 days of rising prices could buy 50 years of Iranian denuclearization." 3. A poll by the US research group ARG shows Trumps approval rating at a record low, with a disapproval rating of 63% and a approval rating of only 34%. ③ Israel 1. An explosion is reported in central Israel, suspected to be an Iranian missile attack. 2. The Israeli military admits it failed to intercept an Iranian missile, resulting in over 100 injuries. 3. A fire broke out near Galilee in northern Israel, killing one person. 4. Netanyahu said he would directly strike the leader of Irans Islamic Revolutionary Guard Corps. 5. Netanyahu claimed that "all countries should join the military action against Iran." 6. Israel said Tel Aviv was attacked by Iran, injuring at least seven people. 7. The Israeli military confirmed that a rocket from Lebanon was fired at a community along its northern border, reporting injuries and property damage. ④ Other 1. Explosions were heard in Baghdad, the capital of Iraq. 2. British officials said they had not found any plans or capabilities by Iran to attack Europe. 3. Saudi Ministry of Defense: Detected three ballistic missiles launched towards the Riyadh area; one was intercepted, and the other two landed in uninhabited areas. 4. The Turkish Foreign Minister reportedly discussed measures to end the war with the foreign ministers of Iran and Egypt, US officials, and EU foreign policy chiefs in a phone call. 5. US media: Saudi Arabia is trying to prevent the Houthi rebels in Yemen from joining the war against Iran. ⑤ Strait of Hormuz 1. Iran: Allows non-enemy vessels to pass through the Strait of Hormuz. 2. Irans Revolutionary Guard proposed four measures in response to Trumps threats: complete closure of the Strait of Hormuz; attacks on all power plants, energy and information technology facilities; complete destruction of all US-owned companies in the Middle East; and attacks on power plants in Middle Eastern countries with US military bases. 3. Sources: Iran hopes to "monetize" control of the Strait of Hormuz, apparently referring to reports that each oil tanker would have to pay around $2 million to pass through the strait. Gaza Situation: 1. Israel launched airstrikes on several bridges in southern Lebanon. 2. Israeli military: Continues ground operations against key targets in southern Lebanon. 3. Hezbollah claims to have fired rockets into northern Israel, hitting military bases. Roscosmos stated that astronauts aboard the International Space Station will remotely control the Progress MS-33 cargo spacecraft to dock with the station, and they are ready to do so.March 23 - U.S. Treasury Secretary Bessant claimed that Russia will receive an additional $2 billion in budget revenue due to Washington easing sanctions on Russian energy operators amid the Middle East situation.March 23 - According to foreign media reports, Fannie Mae and Freddie Mac, the two major mortgage lenders controlled by the U.S. government, have reportedly begun purchasing large amounts of mortgage-backed securities (MBS) from the market to cope with widening bond spreads and increased market volatility. Sources indicate that these two semi-official institutions are attempting to take advantage of the market sell-off to further expand their already substantial bond and loan portfolios. Recently, U.S. President Trump instructed these two institutions to purchase $200 billion in mortgage-backed securities to enhance housing affordability.

Oil Prices Are Low As Markets Assess Iran Tensions And China's Reopening

Haiden Holmes

Jan 30, 2023 11:30

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Oil prices remained in a tight range on Monday due to uncertainty around a drone strike on an Iranian plant and a Russia-led supply glut, despite optimism on a demand revival in China.


A U.S. official linked an Israeli drone strike on an Iranian defense site over the weekend, which might lead to an increase of political tensions in the Middle East and a disruption of global crude supply.


After the Lunar New Year vacation, Chinese markets resumed with a bang, with high expectations that the country's economic revival will be a main driver of oil demand this year. According to reports released over the weekend, travel in the country rebounded significantly during the weeklong holiday, and the government pledged to assist local economic growth.


By 21:33 ET, Brent oil prices increased 0.3% to $86.65 per barrel, while West Texas Intermediate crude futures increased 0.3% to $79.94 per barrel (02:33 GMT). However, both contracts suffered their first weekly loss in three weeks as data indicated a rise in January crude exports from Russia's Baltic ports.


Oil prices are expected to end the month of January roughly unchanged, as traders weigh a potential resurgence in Chinese demand against fears of a worldwide recession in 2019.


While a Chinese rebound is anticipated to finally help crude demand this year, the country is still battling its largest COVID-19 outbreak to date, which has created doubt regarding the timing of any recovery.


The Organization of Petroleum Exporting Countries and its allies (OPEC+) are scheduled to meet on February 1 to determine the cartel's monthly output goals.


In spite of considerable uncertainty regarding the near-term course of oil demand, it is anticipated that the company will essentially sustain current production levels.


Since the beginning of the year, oil prices have fluctuated wildly, with fears of a global recession also playing a role. Despite the fact that the U.S. economy fared better than anticipated in the fourth quarter of 2022, investors are concerned that this momentum may wane as the consequences of tighter monetary policy and relatively high inflation persist.


The markets await this week's Federal Reserve meeting for additional guidance on the world's largest economy. This week also brings key economic statistics from China and the Eurozone.

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