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Chris Martenson: Tanker hits and Hormuz disruption push oil to $200 equivalent at pump
Tanker strikes and reduced Strait of Hormuz flows have taken about 3 million barrels per day of oil offline, pushing the effective price of real oil to the equivalent of $200 at the pump, according to Chris Martenson.
Martenson also remarked that the U.S. is pressuring the International Energy Agency to authorize emergency releases, but argued this is insufficient to address deeper structural issues in the market. He described the situation as one of significant dysfunction, questioning whether the level of official response could be accidental.
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Martenson previously noted a 16 basis point jump in long-term rates and a new low for TLT, alongside weaker U.S. confidence and falling crude prices in recent observations. He also reported on the euro weakening and rebounds in bonds and metals, with defensive stocks rising as tech underperformed in another market update. These remarks come as energy market disruptions continue to drive higher oil prices.
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