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strikeJun 24, 2026

"The Epitome Of Ludicrousness"

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"The Epitome Of Ludicrousness" By Michael Every of Rabobank "All-You-Can-Eat Shrimp" “My view is that the United States could take all the seafood Greenland could produce, and cut out the middleman, and keep it from China — and you could bring back all-you-can-eat shrimp at Red Lobster.” That’s a recent quote from a Trump official in The New Yorker arguing for the annexation of that territory. As the magazine notes, the plans are both “ludicrous” and “deadly serious.” Well, loosen your belts, folks, because there’s an all-you-eat buffet of such news. Yesterday, South Korea’s KOSPI -- in an OECD economy with top chips, consumer goods, plastic surgery, and boy- and girl-bands-- slumped 9.99%. At time of writing it was up 3.6% after news of a share buy-back by a chaebol. In Taiwan, home to cutting-edge TSMC (and geopolitical tensions) Bloomberg notes a 26-year-old unemployed man invested $60,000 in tech stocks after being advised, “buy any stock and you will make money,” as teenagers are opening brokerage accounts and trading volumes are crashing websites. This is apparently ‘the way things are.’ The EU, and Germany, the Netherlands, and Greece just joined the US Pax Silica ‘no China’ AI tech supply chain initiative alongside Finland, Norway, Sweden, and the UK; Israel, Qatar, and the UAE; Argentina, Canada, Chile, Costa Rica, and Panama; and Australia, India, Japan (which has seen China choke its supply of rare earths), Kazakhstan, the Philippines, Singapore, South Korea, and Taiwan. That’s the deadly serious part. What’s ludicrous is thinking that under this Pax there will be normal trade with China, when decoupling is the design, and that inside it anybody but the US will dominate due to economies of scale and first-mover advantage. As the US Deputy Secretary of War argues in ‘The Digital Sovereignty Trap’ that while, “The UN wants every nation to build its own AI stack,” that is “the surest way to stay a generation behind.” Meanwhile, ‘The copper crunch: inside the US-China battle for a critical global supply chain’, underlines that frothy Asian tech and geoeconomic alliances ultimately require that metal – and there isn’t enough for everyone. That this zero-sum equation is not front and center of current market discussions, rather than the electronic/’paper’ price of assets that simply assume supplies of this key metal into existence, is the epitome of ludicrousness and deadly seriousness. Then again, we went through the same process with oil, and markets think they won that battle. Yet Iran and Oman say they will control Hormuz and charge for it; the US says they can’t. Tehran insists it won’t let IAEA inspectors in; the US says they will. There’s no agreement on what they’d do there – watch a down-blending of highly-enriched uranium to a safe 0.7% or be shown Potemkin villages? Iran’s president stated without missiles, the country would be “just like Gaza”; a former Israeli PM said he’d smuggled Starlink systems into Iran to support an uprising, but this had been curtailed by PM Netanyahu (as a Kurdish uprising and on-the-ground drone strikes vs. Basij militia were by somebody). Israeli is reportedly behind a cyber attack now hitting Iranian banks. Lebanon’s president rejected Israeli occupation and foreign interference, meaning Iran and Hezbollah, as Israeli and Lebanese delegations met in the US. The Israelis call the emerging deal there a “train wreck.” It will be for someone. Relatedly, the Trump Gaza Board of Peace is to ‘recalibrate’ at a Cyprus resort after a rocky first six months. In the background, it’s reported China plans to offer postwar aid for Iran, with an eye on its energy supply. Can you join the dots there? In the US, the Senate passed a resolution directing Trump to end hostilities with Iran, which is performative given: (1) he has; and (2) Trump can veto it even if the Supreme Court doesn’t. Then again, the entire US-Iran MoU can be seen as performative and subject to a Trump veto. The EU’s Von der Leyen plans to visit Armenia, firmly in the former-Soviet Russian orbit, to show support for the pro-EU government there; that’s as Germany announced it will scrap plans to build its biggest warship since WW2, showing again that ambitious defense spending plans are not producing impressive results for the battlefield or oceans. Indeed, commentators are noting that Ukraine is set to be the military leader within the EU, as its accession process begins, a major shift in relative power in a very short period of time. Besides the volatility in tech, the 10-year anniversary of Brexit shows the City of London fearing “Trump’s America may win the race,” according to Politico. That’s as the BoE has diluted its new stablecoin rules with plans for a £40bn issuer limit but no longer restricting holdings by individuals and companies. In other words, the market will be open for business – but unlike in the US, no big player will be able to dominate it, keeping everything ‘niche’. Then again, few expect any currency other than the US dollar, and its big players --except perhaps the Chinese renminbi-- to be able to dominate emerging crypto architecture. On that front, Bloomberg notes ‘China Crackdown Rattles the Rich in World’s Top Offshore Hub’, which doesn’t seem to support the case for an alternative FX infrastructure on the financial side at least (though trade commodity finance may be a different story). And in Europe, “an historic day” was declared as the European Parliament backed a digital Euro. What role that will play in the global crypto ecosystem --with its emerging, stacked layers of: defence to provide copper, etc.; to provide AI; to provide industry and defence; to get the power to back the digital asset-- remains to be seen but it’s going to be (another) major realpolitik struggle.   In real politics, Trump is pushing the Senate to pass the SAVE America Act, to save Republicans, who don’t want to pass it; acting DNI head Pulte is rattling cages in D.C.; Marjorie Taylor Greene joined Tucker Carlson in officially ditching the GOP (to form a ‘space lasers’ party?); and Reuters frames it that New York Mayor Mamdani’s political endorsements are testing the Democrats' appetite for far-left candidates – and it seems Democratic Socialism sells well within the primary electorate in New York at least based on the results. That, and the White House is pushing back on speculation that Trump got early access to a new obesity drug for “compassionate use.” Like I said, it’s all-you-can eat right now in many areas that are simultaneously ludicrous and deadly serious. In the UK, King of the North and PM-in-waiting Andy Burnham is being advised to borrow new billions for infrastructure; and he says he’ll boost the defense budget; and that he will stick to the fiscal rules. Is that all-you-can-tax-and-spend, or something new in political-economy? Markets will have to wait and see. Now back to sensibly frivolous coverage of the KOPSI, whose recent 9.99% daily decline ironically occurred the day after former Fed Chair Alan “I never met a bubble that I didn’t like” (really, that was his view) Greenspan passed away at 100. Tyler Durden Wed, 06/24/2026 - 11:45

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  • Tyler DurdenBy Tyler Durden

    "The Epitome Of Ludicrousness" By Michael Every of Rabobank "All-You-Can-Eat Shrimp" “My view is that the United States could take all the seafood Greenland could produce, and cut out the middleman, and keep it from China — and you could bring back all-you-can-eat

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strikeUnverifiedUSIranProxy
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The government has said the UK is “ready to defend itself” after Iran’s military warned that any bases being used by the US were “legitimate targets”. The UK has allowed the US to launch “defensive” operations from British bases hosting American planes since the start of its war on Iran but has refused to help in offensive operations.

That policy has not been altered by the new prime minister, Andy Burnham, who was notified last week that a decision had been made to extend the agreement with the US. Iran’s Islamic Revolutionary Guard Corps said on Thursday that “any base used for aggression against Iranian territory constitutes a legitimate target for our forces”.

In a statement published on the IRGC-linked Tasnim news agency, the group said American bombing missions had been launched from RAF Fairford in Gloucestershire two days earlier. The statement came after the US carried out a 12th consecutive night of strikes against targets in Iran.

The Ministry of Defence has not commented on whether Fairford was used by the US for operations against Iran this week. The IRGC also accused the “British monarchy regime” of causing being the “primary cause of hardships in our region with a black record of partitioning Islamic nations, widespread massacres, imposing despotic regimes, and organising the occupation of Palestine”.

It warned the government “not to weigh down its record any further”. A spokesperson for the British government said: “Our armed forces are ready to keep the United Kingdom safe from any kind of attacks, whether it’s on our soil or from abroad. The UK stands ready 24/7 to defend itself.

“This includes through operating a layered approach to air and missile defence, provided by Royal Navy, British Army and Royal Air Force assets equipped with a range of advanced capabilities, working closely with our Nato allies. “We are committed to defending our people, our interests and our allies, acting in accordance with international law and not getting drawn into the wider conflict.

” On 1 March a drone struck the RAF base at Akrotiri in Cyprus, hitting a hangar, and prompting a partial evacuation of the facility. On 19 March, Iran fired two ballistic missiles at the UK’s Diego Garcia base in the Chagos Islands. One reportedly failed mid-flight, while the other was shot down by a US airship.

Iran has launched strikes against countries in the Gulf that house US military bases, including Bahrain, the United Arab Emirates and Kuwait, killing American service personnel in some of the attacks. Donald Trump said Iran would “pay a big price” for killing US troops.

On Thursday afternoon, the US president said he was considering ordering a “massive attack” on Iran. “I am close to making a decision,” he told Axios. “We’re all set for it.” He said he believed Iran’s leaders “want to negotiate”, but aren’t yet ready to make a deal.

In another sign of the conflict potentially escalating, Yemen’s Iran-backed Houthi rebels said they attacked two Saudi oil tankers in the Red Sea on Thursday, as oil topped $100 a barrel.

strikeUnverifiedUSIranProxyRussia
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September WTI crude oil (CLU26) on Thursday closed up +5.36 (+6.17%), and September RBOB gasoline (RBU26) closed up +0.0793 (+2.44%). WTI crude oil prices (CLU26) rallied more than +6% on Thursday after the Iran-backed Houthis launched a missile and drone attack on two Saudi Arabian oil tankers in the Red Sea, expanding the oil disruptions beyond the Strait of Hormuz and threatening oil shipments in the Red Sea.

Sep Brent crude oil prices (CBU26) on Thursday rallied above $100 per barrel for the first time since May. President Trump said in an interview with Axios on Thursday that he is considering a “massive attack” that would be “bigger than ever before” and is “close to making a decision on it.

”Don’t Miss a Day: From crude oil to coffee, sign up free for Barchart’s best-in-class commodity analysis. The Houthis have vowed to blockade shipping linked to Saudi Arabia and warned shipowners against calling at the nation's ports. The move threatens Saudi oil exports from Yanbu, a Red Sea hub that the Saudi's are using to ship crude since the war brought shipping through the Strait of Hormuz to a near halt.

Meanwhile, the US and Iran exchanged attacks for the 12th straight day, and the US maintained its blockade of Iranian oil shipments in the Persian Gulf. Global crude oil supplies are tightening due to reduced flows through the Strait of Hormuz. The International Maritime Organization warned last Wednesday that it is too dangerous to cross the Strait of Hormuz at the moment, and visible transit through the strait has fallen sharply as Iran continues targeting tankers attempting to transit it.

Crude prices also have support as Ukraine intensifies drone attacks on Russian oil infrastructure. Russian crude production fell to 8.928 million bpd in June, the lowest in 2.5 years, according to monthly OPEC data. According to EA Analytics, Russian crude-processing rates will average 3.

51 million bpd in July, the lowest in 24 years, amid damage to Russian energy infrastructure caused by drone and missile attacks from Ukraine. According to Bloomberg, Ukrainian forces have attacked Russian fuel-producing facilities more than 50 times this year, hitting at least 24 of Russia’s 34 largest refineries.

As of the end of June, around 90% of Russian regions have imposed some form of fuel rationing or reported supply issues, as refining capacity has plunged following damage to facilities. The strikes have deepened a nationwide gasoline shortage, with several major refineries shut down and the government banning almost all gasoline, jet fuel and diesel exports.

Russia is the world’s number two diesel exporter, after the US, according to Vortexa. Stronger Russian crude exports are also adding to global oil supplies, which is bearish for prices. Data compiled by Bloomberg show the four-week average of Russian crude exports rose to 4.

13 million bpd through June 28, the highest since Russia invaded Ukraine in 2022. Russia may be boosting its crude exports as the country’s refining capacity has plunged due to damage at its refining facilities from Ukraine drone and missile attacks.

The outlook for higher US crude output is negative for oil prices. The Department of Energy (DOE) on July 7 raised its US 2026 crude production estimate to 13.78 million bpd from a June estimate of 13.72 million bpd. As a bearish factor for crude, OPEC delegates said on May 14 that the cartel aims to continue a series of oil quota increases over the next few months, completing the return of halted oil production by the end of September.

The group already formally agreed to restore about two-thirds of the 1.65 million bpd supply cutback it made back in 2023 and said it plans to raise output targets further and to revive the final portion in three more monthly stages. On July 5, OPEC+ said it will boost its crude output by 188,000 bpd in August, though that increase might prove difficult due to revived US-Iran military attacks in the region.

OPEC’s June crude production rose by +2.34 million bpd to 18.75 million bpd. Vortexa reported on Monday that crude oil stored on tankers that have been stationary for at least 7 days rose +31% w/w to 90.03 million bbl in the week ended July 17. Wednesday’s weekly EIA report was mostly negative for crude oil and products.

EIA crude inventories unexpectedly rose +2.01 million bbl versus expectations of a -1.95 million bbl decline. Also, EIA gasoline supplies rose by +765,000 bbl versus expectations of a -1.9 million bbl decline. In addition, EIA distillate stockpiles rose by +1.

4 million bbl, a larger build than expectations of +825,000 bbl. On the positive side, crude supplies at Cushing, the delivery point for WTI futures, fell -624,000 bbl. Wednesday’s EIA report showed that (1) US crude oil inventories as of July 17 were -5.

3% below the seasonal 5-year average, (2) gasoline inventories were -7.1% below the seasonal 5-year average, and (3) distillate inventories were -9.6% below the 5-year seasonal average. US crude oil production in the week ending July 17 fell -0.5% w/w to 13.

798 million bpd, just below the record high of 13.862 million bpd posted in the week of November 7. Baker Hughes reported last Friday that the number of active US oil rigs in the week ended July 17 rose by +7 to a 13-month high of 452 rigs, up from the 4.

25-year low of 406 rigs posted in December 2025. However, the number of US oil rigs remains sharply below the 5.5-year high of 627 reported in December 2022. On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article.

All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here. The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

strikeUnverifiedUSIsraelIran
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TEL AVIV, July 23. /TASS/. The Israel Defense Forces (IDF) will deal "a crushing blow" to Iran, if it attacks the Jewish state, Defense Minister Israel Katz warned, according to the Ynet portal. "We are ready for any development of events. If Iran attacks Israel, we will deal a crushing blow," he said.

Earlier on Thursday, US President Donald Trump said that he was considering carrying out a massive attack on Iran, and the strikes would be harder than before. According to the American leader, Israel will "join the attack in two minutes" if requested by the United States.

However, he added that Washington "does not need anyone" to launch a new military operation. Trump did not specify a deadline for making a decision. The United States and Israel started a war with Iran on February 28. In June, Washington and Tehran signed a memorandum of understanding providing for an immediate cessation of hostilities on all fronts, including in Lebanon.

However, on the night of July 8, the United States resumed large-scale strikes against Iran, accusing it of violating the terms of the agreements regarding the Strait of Hormuz.

strikeUnverifiedUSIsraelIran
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The British government stated that it stands ready to defend itself following Iranian comments designating UK bases hosting US forces as legitimate targets in response to US military strikes on Iran. Iranian officials described the UK as an accomplice to US operations, while UK policy has allowed US use of bases such as RAF Fairford and Diego Garcia for what the UK has termed defensive purposes.

Permissions for this arrangement, first granted in March, were extended under the current UK government.

Location: Iran