Valuetainment
“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
Crude oil, if we can look up... West Texas Intermediate, 97.50, just under 100.
Valuetainment
“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
Well, this is getting a little nervous on an international scale because this is taking time.
Valuetainment
“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
And the longer time it takes, the longer the straits are closed, the more you're going to have supply issues.
Valuetainment
“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
And supply issues drives price.
Valuetainment
“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
And then fear drives price.
Valuetainment
“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
Can we go ahead and talk about the island?
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“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
Go for it, yes.
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“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
Yeah, so Kaharag Island, if I'm pronouncing this correctly, there's a picture of it right there, and you can see the satellite picture there.
Valuetainment
“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
Zoom in a bit, Rob.
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“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
The only thing that's on this island is a little square.
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“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
You see right on the edges there, the island, you see those lateral ports.
Valuetainment
“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
That's where giant tankers fuel, and then look what's on the island.
Valuetainment
“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
Tons and tons and tons of tanks, not military tanks, big round oil storage tanks.
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“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
This island has got tremendous pipelines that go under the sea, and it is the island that refuels, get this, as Pat said at the beginning, 90% of the exports from Iran go on that island.
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“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
If you were to hit this island and disable it, you will absolutely...
Valuetainment
“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
disable Iran's export capabilities, number one, but number two, you're gonna cause world oil prices to go up.
Valuetainment
“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
Now, some speculators in the US aren't upset by this, Pat.
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“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
They look at it this way, in the oil industry,
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“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
Vinny, if you and I were drilling oil in Permian Basin, West Texas Intermediate, now we're selling oil at $100.
Valuetainment
“Oil Up 35% In DAYS” - Hormuz Crisis Sends Crude Prices EXPLODING Toward $100
A couple weeks ago, we were selling it at $68.50.