I hope you had a great weekend. I certainly did, focusing mainly on farming projects, as this morning’s DMSO applications can attest.
Onward…
Happy 100th Day of the Iran War
The conflict is now over 100 days old. Last night saw Iran shooting missiles at Israel and Israel striking back (almost certainly with US help and coordination).
On its surface, Trump looks weak, having implored Bibi not to strike Iran, but then being ignored in that request.
This was Trump yesterday:
This is going to sit well. Like drinking 5 year old milk. pic.twitter.com/ESS8p7ZYIf
— HFI Research (@HFI_Research) June 7, 2026
This morning, Trump merely gave a rote recitation of the usual and increasingly ignorable talking points:
“Both sides, Israel and Iran, are looking to do an immediate CEASEFIRE! Final negotiations on “Peace” are proceeding, subject to ignorance or stupidity getting in its way…” – President DONALD J. TRUMP pic.twitter.com/zLoFSZo3jZ
— The White House (@WhiteHouse) June 8, 2026
But, it was ‘only’ ten missiles or so, and now, just ahead of US markets opening, Iran says it’s all over.
BREAKING: Iran declares end of military operations against Israel, according to the semi-official Fars news agency.
— Javier Blas (@JavierBlas) June 8, 2026
Israel says it’s over too (for now):
SOURCE TO REUTERS: ISRAEL HAS DECIDED TO STOP ITS ATTACKS ON IRAN
— *Walter Bloomberg (@DeItaone) June 8, 2026
Weird how Iran keeps helping out the US markets, isn’t it?
Trump, too, of course:
*TRUMP: FINAL NEGOTIATIONS ON PEACE ARE PROCEEDINGLittle early but we’ll take it https://t.co/W2iJigBfwi
— zerohedge (@zerohedge) June 8, 2026
Naturally, all missiles and counterstrikes only happen on the weekends. Not when the precious US ““markets”” are open.
Right before the market opens, all wars must stop. Wars are only for weekends.
— HFI Research (@HFI_Research) June 8, 2026
I have to confess…this looks like Iran struck a … vineyard? If so, these strikes were performative, not serious. Serious strikes would have hit Ben Gurion airport or military bases.
Image Shows Moment Iranian Missile Strikes Israeli Settlement of Itamar in West BankZionist settler media report damage to five buildings in the Itamar settlement, east of Nablus, following an Iranian missile strike. pic.twitter.com/4g1boANUko
— Tasnim News Agency (@Tasnimnews_EN) June 8, 2026
A hillside?
Images of Fire in Beit Shemesh Settlement in Occupied Al-Quds After Iranian Missile Strike pic.twitter.com/8AmokJmodZ
— Tasnim News Agency (@Tasnimnews_EN) June 8, 2026
At any rate, the good news is that no GCC energy infrastructure was hit. The bad news is that Israel has no intention of letting the war stop. The US will continue to be dragged deeper and deeper into Israel’s wars.
It will soon become clear that when Israel chose to attack Dahiya yesterday, it was not only working to shatter negotiations between Trump and IranIt was also consciously instigating an escalation that would inevitably place US regional bases under Iranian fireWhat an ally
— Max Blumenthal (@MaxBlumenthal) June 8, 2026
Iran fired 11 ballistic missiles at Israel today. Each one of those missiles can level an entire neighborhood and kill hundreds. No self-respecting country in the world would tolerate such an attack, and neither will Israel.Israel is now targeting Iranian surface-to-surface…
— Ambassador Yechiel (Michael) Leiter (@yechielleiter) June 8, 2026
But, to be fair, the US has no interest in seeing an end to the conflict either. Scott Bessent’s announcement of using Iranian funds to give to GCC states for repairs and compensation took one of the most central Iranian negotiation points and tossed it on a bonfire:
The United States is planning to use frozen Iranian assets in order to create a reconstruction fund for damage to Gulf infrastructure throughout the US/Iran War.This is… particularly egregious from the US side, and I am genuinely struggling to understand what strategic…
— Brett Erickson (@BrettErickson28) June 6, 2026
For their part, the Houthis have declared that the Red Sea is now closed for all enemy shipping. I presume that means US and Israeli ships, and probably a few European countries as well:
We have the horizontal escalation I have long feared would happen. Time will tell how significant this development is, but if the Houthis have any success at all in closing off traffic to the Bab al-Mandab, the impact on the global economy will be much more severe than it has… https://t.co/eTdaCERZCG
— Daniel Davis Deep Dive (@DanielLDavis1) June 8, 2026
It seems they may be in the process of doing that:
🎥 آتشسوزی در نفتکش هندی در سواحل عمانمرکز امنیت دریایی عمان از وقوع آتشسوزی در یک نفتکش حامل ۲۴ ملوان هندی در ۵۲ مایلی سواحل عمان بر اثر اصابت یک شناور بدون سرنشین خبر داده است. pic.twitter.com/Fi57T6ELwL
— خبرگزاری فارس (@FarsNews_Agency) June 8, 2026
Oil Supply and Demand, But Mostly Demand
The problem with keeping oil prices in check is that oil demand remains unchecked. You will have certainly
by just-a-couple-of-az-kids 
