- cross-posted to:
- worldnews@lemmit.online
- cross-posted to:
- worldnews@lemmit.online
Following U.S. strikes on Iranian nuclear facilities on Saturday, the Iranian Parliament has voted in support of closing the Strait of Hormuz, one of the world’s most critical oil transit chokepoints, according to media reports.
Any final decision on retaliation, however, will rest with the country’s Supreme National Security Council and le
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Around 20 percent of global oil trade passes through the Strait. Some experts have said that if Iran were to cut off access to the Strait, it could spike oil prices by 30 to 50 percent immediately, with gas prices likewise rising by as much as $5 per gallon.
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Oh boy can’t wait for more inflation, war and destruction!
don’t worry, it’ll somehow be Biden’s fault
Iran has the right to defend itself.
Oil going up in price won’t be necessarily a bad thing, oil is underpriced relative to historical highs.
Trump wants more local oil production, but the price doesn’t warrant it, this is how they do it.
Got an EV, I’ll be okay. Sorry republicans, but surely you were expecting this, right? Enjoy the gas prices.
I’ve noticed that everyone only sees oil from a personal perspective. If gas prices spike, every price spikes. On top of that, oil is used for 1,000 purposes apart from internal combustion engines. The shockwaves from the planetary economy crashing would be appalling. Here’s a tiny, tiny example:
Your city has a budget for mowing grass, parks & rec, all that. If higher prices run that budget out, the work simply stops. Multiply that by 1,000,000 other like cases.
An EV will only save you the gas station bill. It won’t save you from everything else that will crumble.
even if you have an electric vehicle, the stuff you rely on probably uses oil and gas for production, transportation, whatever.
In the US, specifically, higher oil prices feed into higher prices for the fertilizer used in raising corn, which in turn feeds into higher corn prices, which then feeds into almost all food because in the US corn is used directly or indirectly in food to truly insane levels (for example, cattle is fed corn even though it’s not natural and causes health problems hence the overused of antibiotics for cattle in the US and sugar is mainly chemically processed corn).
In other countries it’s a bit easier to isolate oneself from the indirect effects of oil price rises if you don’t drive ICE vehicles and eat locally grown food because this pathway from “oil” to “almost all food” is either not present or far weaker.
Mind you, I agreed that you can never isolate yourself totally from it unless you’re some kind of hermit living in your own cave disconnected from everything else and growing your own food using 100% natural agriculture.
Sorry, all your electricity is needed for AI
Heh, probably the only piece of good news the cybertruck owners will ever get.
Not saying you own one of those or anything, but thinking it must be the first positive they’ve seen in ages.
I don’t know, tow trucks still use gas, so they may still suffer some knock on effects.
Yeah, there’s no outweighing the downsides. Hell if you just look at the depreciation, they’ll never make the loss back and fuel even if they had no problems.
No, no Tesla’s for me
Man would I love a montage of hidden camera footage of cousin-fucking Trump supporter’s faces as they look at the skyrocketing gas prices when they go to the pump.
Get your Trump “I did that” stickers ready.
I don’t think they’ll recognize a price difference unless Fox news tells them about it.
Good on them for being smart about this. Doesn’t always have to be bombs. I thought Trump was supposed to be a good business man.
You mean that guy that had not one, not two, but three failed casinos?
I think it was 5 casinos and a casino holding company? Brb…
Edit:
Bankruptcies were…
1991: Trump Taj Mahal
1992: Trump Castle Hotel & Casino
1992: Trump Plaza Casino
1992: Trump Plaza Hotel (not a casino, just a hotel.)
2004: Trump Hotels & Casino Resorts
2009: Trump Entertainment Resorts. Which was a casino holding company. Not only did he bankrupt cannons he also bankrupted a company that syphons profits from casinos.Apparently that’s good business? Haha
He failed Trump steaks!
Who fails steaks? I’m vegan, but who fails steaks???
Who makes a brand of steaks and sells them via Sharper Image???
He didn’t make anything, some meat company with the shittiest marketing division ever thought it would sell with absolutely no market research. He would have put his name on Epstein-branded underwear if he thought they’d get him slightly out of debt.
Very true. Now he’s out of debt. Its time someone asked him to pay for all the various things he didn’t pay for during both campaigns.
I’d be kind of surprised if he’s out of debt yet.
And even if he is out of regular Deutsche Bank debt, I wonder how much the handlers who got him the election are still into him for.
He’s never been a good businessman.
Is that smart? The US largest export is oil. Spiking the prices is what they want too.
The US charges its people international prices and not based on local extraction costs.
It’s not the good of the people that they’re thinking of. The US people are just another market to be exploited. Imagine the profits that the producers can harvest
Could make buyers look for other sources if they only block US oil.
Who, out of the countries that use the gulf of Hormuz, would be buying US oil?
I’m confused. What are you trying to say?
It’s nearly impossible to block any given countries oil. Too lazy to write it all up, but ChatGPT gave me sane output on the question:
You’re absolutely right — blocking a specific country’s oil exports or imports is extremely difficult in practice. There are several reasons for this:
- Global Oil Market is Highly Fungible
Oil is a fungible commodity, meaning that once it’s extracted and enters the global supply chain, it’s often mixed, rebranded, or rerouted. That makes it very hard to trace its exact origin once it enters international trade.
- Third-Party Countries & Middlemen
Countries can sell oil to intermediaries who then resell it under a different label or blend it with other sources. For example, sanctioned oil from Iran, Venezuela, or Russia has been known to enter markets through such indirect routes.
- Shipping and Flagging Loopholes
Oil can be transferred ship-to-ship in international waters (a tactic known as “dark fleet” operations), often with falsified paperwork, GPS manipulation, or using flags of convenience to hide the oil’s origin. 4. Global Demand
Many countries, especially in the Global South, will continue buying oil wherever they can get it, especially at discounted rates. This demand gives sanctioned countries alternative markets.
- Limited Enforcement Capacity
International bodies like the UN or even the U.S. and EU can impose sanctions, but enforcement — especially on the high seas — is expensive, politically sensitive, and technically challenging.
- Economic Blowback
Broad oil bans can also harm the economies of sanctioning countries by raising global prices, fueling inflation, or creating supply disruptions — making governments hesitant to implement strict bans.
Bottom line: Even with sanctions or embargoes, oil tends to find a way into the global market. Cutting off a specific country’s oil completely would require not only international political unity but also technological and logistical enforcement capabilities that currently don’t exist at the necessary scale.
EDIT: Y’all childish. “He used AI! FAKE!” There’s not a single falsehood in all that and it’s a complete explanation. “NO!”
Smart!? Can you not imagine what hell will drop on Iran if they go through with this? The world will not allow them to crash the global economy.
This is simple posturing. Money says they don’t dare try this. They’re threatened before, never done it.
This must be a very difficult decision. It heavily affects China, as Irans biggest trade partner for oil, as well as the other exporting gulf states Iran tried to normalize relationships with during the last years. Oil prices will go up, Putin will benefit.
Thankfully there’s a price cap set for russian oil (at least by all the western countries), so not that much benefit for them. Don’t know is asian countries etc. still pay the full market price though.
Is there a way to send that oil they Pakistan?
The market seems to be betting that it’s not happening.
TACO principle.
I’m betting it’s not happening. The collective wrath of a dozen militaries would drop on their head.
The reaction of the rest of Europe to Trump’s attack would lead Iran to expect that the usual suspects in Europe would attack Iran either way, same as they did back when America invaded “WMD” Iraq.
Certainly were I am (Portugal, which by the way also sent troops to Iraq) there are already people from America and Israel-aligned far-right think-tanks being invited to news segments on public TV about the American attack, where they’re complimenting Trump on his action, calling it a “massive victory to Netanyahu” and scaremongering against Iran with exactly the same kind of “arguments” as were used for Iraq (Iran has WMDs, Iran is developing missiles which can reach European cities and so on), so the Manufacturing Consensus machinery is already running.
How so?
Sounds like those militaries need some nukes dropped on them.
How about this? Stop fucking with other people’s shit. If Iran wants to protect itself, it has every right to do so. And that means closing the shipping lanes they ALLOW others to use.
Are you under the impression that Iran owns the Straight? We just gonna chunk international waters and maritime laws out the door?
Russia Like this! Krasnov did it again. Молодец товарищ Краснов.
I know what you mean, but Russia wanting its primary Middle Eastern ally destroyed just to hope oil prices will hike is a bit out there.
$300 dollar barrel of oil in 3, 2, 1…
Parliament has approved it. Hasn’t been ordered yet though by the supreme leader.
You’re move “tactician” Trump.
Update, strait still not closed. Nothing ever happens yet again
And they’re right to do so
So, for those watching, as usual, the cost of the war can and will fall most heavily on the poor.
$10 gasoline here we come.
The poor should rethink their vote next time
next time
Here’s hoping there will even be a next time.
If the option to vote with paper is gone try lead.
I live on the other side of the world, but I bet you anything you like that my petrol prices will double too. It will cost twice as much to heat my home, and because my country is so big and so far away from everything, the cost of any goods I buy will increase significantly due to the additional price of the fuel required to get it to me.
I had no choice. I couldn’t vote for that dickhead if I wanted to. America voted and I’m worse off for it.
Sorry, couldn’t hear you over all the deafening silence from Kamala Harris and Joe Biden about how much they oppose this foreign policy and how different things would have been in this regard if either of them had become president.
The normie libs downvoting this comment because they are offended by the claim that Harris and Biden are 100% aligned with trump on Israel policy, are the same people who would be self-righteously scolding me for undermining a democratic administration if it was Kamala bombing Iran.
You’re right.
They should all vote Green.
Well, they need to start by registering for the green party.
You can’t show up on November 6th and say “everybody should have voted for Jill Stein!” After she barely gets more votes than the worm riddled antivax conspiracy theorist that dropped out of the race and backed trump.
The only way for us to leave the middle east alone is if they have the bomb. The further they are away from possession of the nuke, the more likely we are to invade and generally fuck with them.
Yes, because Russia and the US have been no trouble at all since they got the bomb.
What we need to do is stop using fossil fuels, and let the Middle East go back to being irrelevant.
The Middle East was probably more culturally relevant before oil. You can’t disregard an entire region of the planet because your narrative doesn’t want to include them.
Billionaires don’t want to stick their greasy fingers in culture though.
If that were true, Disney and a number of other large companies would not exist.
go back to being irrelevant
Yeah, that was never true, just delusional and wishful thinking. The region has always been relevant that’s why the Greeks in 324 BC and the Romans in 26 BC coveted it long before oil.
