It is Day 102 of the war with Iran (the war that is not a war, right?).
More than two months have passed since Trump’s announcement of a ceasefire.
We’ve been hearing every few days that the two sides are close to a deal .. but besides the Strait of Hormuz, there is the issue of Iran’s nuclear program and the spillover skirmishes and strikes elsewhere in the Middle East.
We’ve also been hearing that the price of oil may hit $150 per barrel ‘soon’, but instead it has stuck to a price ranging from $80 to $100.
Economists talk of ‘demand destruction’: if the world learns how to get by with 15 million fewer barrels of oil per day, the price of oil may not go up by much more. (The world consumes about 103 million barrels of petroleum and liquid fuels every day).
The U.S. Army AH-64 Apache helicopter was struck and brought down by an Iranian Shahed one-way attack drone while patrolling international waters off the coast of Oman, near the Strait of Hormuz.