The Saudi-Iran Cold War intensifies… Here is the Wall Street Journal:
”The latest salvo in the Iran-Saudi struggle came Saturday, when Lebanese Prime Minister Saad Hariri abruptly resigned while in Saudi Arabia. As he stepped down, he criticized Iran and its Lebanese proxy, the Shiite militia and political group Hezbollah, for fomenting violence in the region and added that he feared for his life. Mr. Hariri is Sunni Muslim and a close political ally of Saudi Arabia.”
There is this:
”Also Saturday, Saudi forces intercepted a ballistic missile fired by Yemen’s Houthi rebels just east of Riyadh’s main airport, according to the official Saudi Press Agency. Since 2015, Saudi Arabia has led a military coalition trying to defeat the Houthis, a Shiite group coalition members see as a proxy of Iran.”
And, also, from the WSJ:
”Oil prices are now up 3% since Thursday’s close. Driving the action: slowing supply growth in the U.S., and a lightning strike against potential rivals by Saudi crown prince Mohammed bin Salman Saturday night which left more than sixty Saudi royals and other elites in detention, including the former head of the country’s National Guard.”
Here is the WTI crude oil price over the past year, from Barchart.com:
The Oil VIX, a measure of expected volatility over the next thirty days, is below average:
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