Energy Report: Oil March Madness

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Oil prices have come into March like a lion as the madness of the Biden administration continues to send prices skyrocketing. Biden's mixed signals on Iran is destabilizing the Middle East and could lead the U.S. into armed conflict. Iran seems to be digging in its heels by refusing to talk to the Biden and seems to be increasing its uranium enrichment at an accelerated pace since he was inaugurated. While on Friday, oil prices dipped on reports that China's demand may slow due to their strategic reserves being filled, the market is back up on Bidens restrictive oil production policies and his erratic foreign policy. 

Biden on one hand signals that he wants to engage Iran in rejoining the Iranian nuclear accord and on the other hand is bombing their strongholds. The AP reported that “President Joe Biden said Friday that Iran should view his decision to authorize U.S. airstrikes in Syria as a warning that it can expect consequences for its support of militia groups that threaten U.S. interests or personnel. “You can’t act with impunity. Be careful,” Biden said when a reporter asked what message he had intended to send with the airstrikes, which the Pentagon said destroyed several buildings in eastern Syria but were not intended to eradicate the militia groups that used them to facilitate attacks inside Iraq. Administration officials defended the Thursday night airstrikes as legal and appropriate, saying they took out facilities that housed valuable “capabilities” used by Iranian-backed militia groups to attack American and allied forces in Iraq.

Iran does not seem to be happy with that and that may complicate Biden’s dream of re-entering the Iran nuclear deal. The Wall Street Journal reports, “Iran rejected a European Union offer to hold direct nuclear talks with the U.S. in the coming days, risking renewed tension between Tehran and Western capitals. Senior Western diplomats said Iran’s response does not quash the Biden administration’s hopes of reviving diplomatic efforts to restore the 2015 nuclear deal, struck between Iran and six world powers and abandoned by the Trump administration in 2018. But they said it seemed to set a deadlock: Iran wants a guarantee it would not walk away from a meeting with the U.S. without some sanction’s relief, which Washington has so far ruled out. The Wall Street Journal says that “With Tehran escalating its nuclear activities in recent months in breach of the 2015 nuclear deal, the U.S. conducting airstrikes on Iranian-backed militias in Syria, and Iranian presidential elections in June, diplomats have warned that opportunities to ease tensions might now be imperiled.”

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