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March 5th - According to Politico, the Pentagon is urgently increasing the number of U.S. troops used for operational intelligence gathering, indicating that the Trump administration is not prepared for a larger-scale war. A notification obtained by Politico states that U.S. Central Command has requested the Pentagon to send more military intelligence officers to its headquarters in Tampa, Florida, to support operations against Iran for at least 100 days, potentially extending into September. This is the first time the Trump administration has requested additional intelligence personnel for a war against Iran, work that is typically planned long before military action. A U.S. official stated that the Pentagon is also working to deliver more air defense systems to the region, particularly smaller and cheaper anti-drone systems that the department has been developing over the past few years.Israeli President Herzog: The goal of this war is not to change the Iranian regime, but to change the Middle East.Approaching midday, the Hang Seng Tech Index turned negative after rising more than 1.6% earlier in the session. Tech stocks retreated, with Meituan (03690.HK) down 1.7%, NetEase-S (09999.HK) down 1.8%, and Alibaba (09988.HK) down 1.2%.March 5th - According to AXIOS, US and Israeli officials, as well as a senior official from a faction within Iranian Kurdish armed groups, stated that militants from multiple Kurdish factions in Iran are preparing a possible ground offensive against the regime in northwestern Iran. This is a potential avenue for the US and Israel to increase pressure on the Iranian regime, encourage internal insurgency, and allow it to spread to other parts of Iran. US officials stated that the idea of supporting a ground offensive by Iranian Kurdish factions initially came from Israeli Prime Minister Netanyahu and Mossad, and the CIA later joined the effort. However, White House Press Secretary Levitt told reporters on Wednesday that President Trump has not yet approved any plans to support an offensive by Iranian Kurdish militias against the Iranian regime. A Kurdish source stated that such an offensive could begin later this week, but the various factions are awaiting the USs "green light."Japan has raised its travel warning level for countries including the UAE and Qatar.

Oil prices fall as inflationary concerns overshadow anticipated OPEC+ output reductions

Charlie Brooks

Aug 30, 2022 10:49

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Oil prices dropped on Tuesday, a day after reaching their highest level in more than a month during the previous session, as inflation fears trumped the potential of OPEC+ production cuts.


At 00:12 GMT on Tuesday, Brent crude futures fell 39 cents, or 0.3%, to $104.70 a barrel after gaining 4.1% on Monday. Following a 4.2% increase in the prior session, U.S. West Texas Intermediate crude traded at $96.79 per barrel, a decrease of 21 cents or 0.2%.


Inflation is hitting double digits in several of the world's top economies, a level not seen in nearly half a century, and investors are concerned that the United States and Europe may seek more aggressive interest rate hikes.


In the wake of the Ukraine conflict, Russia's oil output has exceeded expectations, the president of the International Energy Agency (IEA) said on Monday, adding to the downward pressure on prices. Moscow, which refers to its actions in Ukraine as a "special operation," will find it increasingly difficult to maintain production as Western sanctions take effect, he warned.


According to the agency's chairman, when the current system ends, IEA member nations may release more oil from their strategic petroleum reserves (SPR) if they think it necessary.


Saudi Arabia, the Organization of the Petroleum Exporting Countries (OPEClargest )'s producer, discussed the possibility of production cuts last week, which, according to sources, may coincide with an increase in supply from Iran if Tehran reaches a nuclear agreement with the West.


On September 5, OPEC+, which consists of OPEC, Russia, and partner producers, convenes to determine policy.


Tuesday at 4:30 p.m. EDT (2030 GMT), the American Petroleum Institute, a trade group, is set to provide information regarding U.S. crude inventories. The Energy Information Administration, the statistical arm of the U.S. Department of Energy, will release its own numbers on Wednesday at 10:30 a.m. (1430 GMT).


According to a preliminary Reuters poll conducted on Monday, crude oil stocks in the United States likely declined by 600,000 barrels, while distillates and gasoline inventories are also predicted to have decreased.

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