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The weekend roundup of war news.
- Iran claims it still controls the Strait of Hormuz despite US President Donald Trump’s vow to turn it into US territory “pretty soon.”
- Iran missile hits cargo ship in Omani channel to make its point.
- According to Kazem Gharibabadi, Iran’s deputy foreign minister, the canal blockage won’t end until the US concedes defeat.
- Iran’s Foreign Minister Abbas Araghchi says Tehran is continuing talks with Oman but warns that reopening the waterway will depend on the US upholding the MoU which expires today.
- USS George Washington has arrived in the Arabian Sea and is expected to relieve the USS Abraham Lincoln amid deteriorating service personnel conditions.
- Israeli bombings throughout southern Lebanon have claimed at least 11 lives.
- President Joseph Aoun attacked Israel, saying that the bombings went against the terms of the US-Israel accord.
Turning to oil, there is a lot of debate about how much is sneaking through the two straits, but it is pretty clear that at least 12 mb/d is being choked off from the Persian Gulf and Red Sea.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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