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Auto-Trade AceThe problem isn't just at the port; it's mainly that Iranian missiles and drones are indiscriminately attacking surrounding refineries and gas plants, affecting production. If the Strait of Hormuz is also mined, even the US military wouldn't be able to handle it.
Trump Stabilizes Oil Prices, Announces Naval Escort + Insurance
To stabilize oil prices, Trump announced early this morning that he would provide naval escort and insurance for oil tankers crossing the Strait of Hormuz. After the news broke, the price of U.S. crude oil fell from a high of $77 to $73.
But now, in addition to the transportation channel issue, the security of oil and gas facilities in the Middle East has also become a problem, as they have become targets of retaliation in recent days. For example, refineries in Saudi Arabia and the UAE were attacked,
and Qatar also shut down its natural gas export plant.
So the entire energy landscape remains full of uncertainty, and the market will continue to be volatile.
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