Oil Surges Six Percent. Brent Above $100, WTI At $92. Thank Trump

Trump’s tit-for-tat war with Iran escalates. You pay the price.

Two Straits Closed

The strait of Hormuz is again closed after the ceasefire broke down (thank Trump). Now the Houthis have blocked the Red Sea route for oil in the Bab Al-Mandab Strait.

10 Ships Turn Back

Second Naval Blockade

Houthi Statement

Trump Will Hold Iran Responsible for the Houthis

Truth Social: A year ago the United States of America attacked, very powerfully, the Houthis, for their interference with commerce and trade, by shooting at ships. Since that time, and during our conflict with Iran, they have acted very responsibly. Unfortunately, now they are starting up again, shooting at two Saudi Arabian ships last night. Please let this TRUTH serve to represent that if they do this again, the U.S. will hold Iran responsible, in that the Houthis are a Surrogate and/or Proxy of Iran, and major military punishment will be inflicted upon Iran and, of course, the Houthis, themselves, who I am very disappointed with in that they have, until now, acted very professionally and smart. Thank you for your attention to this matter! President DONALD J. TRUMP
Jul 23, 2026, 6:16 AM

In other news, I am holding my neighbor responsible if anything happens to my cat.

My neighbor has been has been notified and he is on full alert.

Oil Prices Hit $100 a Barrel While Tech Selloff Deepens

The Wall Street Journal comments Stock Market Today: Oil Prices Hit $100 a Barrel While Tech Selloff Deepens

Oil prices are back above $100 a barrel, and investors are dumping tech stocks amid fresh worries that hyperscalers are overspending on AI.
U.S. stocks are deep in the red after earnings from Google and Tesla stoked fears about Big Tech’s AI spending. Alphabet fell 7% after raising its capital spending forecast for this year to as much as $205 billion, while Tesla tumbled 14% after its free cash flow turned negative in the second quarter. The moves helped pulled the Nasdaq 2.7% lower, while the Dow industrials have shed 600 points.

Money Quote

Trump is always more belligerently foolish as long as the stock market is behaving.

Well the stock market is not behaving. Neither is oil or the bond market.

The 10-year note now yields 4.700 percent. The 30-year long bond is on the verge of a major breakout at 5.171 percent having touched 5.189 percent.

So, will Trump TACO again?

The problem is it is increasingly difficult for him to do so, a problem of his own making.

Yet, the national average gasoline price is up another three cents to $4.09 per gallon. Diesel is $5.20.

If this escalation continues for another week or so gasoline and diesel prices are headed for record highs.

But don’t worry. Trump will blame Biden. Besides, as we have established, this is a small price for opening the strait that was open before Trump started this insane war.

Three Questions for MAGA