It’s been another groundhog week at the old Martenson homestead. Just doing projects as fast as possible while we can.
Nothing about any of this feels right. The severe market distortions only serve to amplify that sense rather than placate my concerns.
As Bad As Expected
We all knew that the blocking of satellite imagery from the Gulf region buy the US meant that the damage inflicted by Iranian missiles was worse than U.S. officials wished known.
Well, now we know – it was as bad or worse than expected:
JUST IN: IRAN’S COMPLETE DESTRUCTION OF US BASES IN MIDDLE EAST IS FAR WORSE THAN WHEN IT WAS REPORTEDThe US Navy fifth fleet base suffered severe damage to the command building, 12 other buildings, and two satellite communication terminals and damage to the base in Bahrain… pic.twitter.com/DP3YpEZuEM
— Sulaiman Ahmed (@ShaykhSulaiman) June 26, 2026
Meanwhile, Europe in general, but the UK in particular seem intent on dragging itself into a war with Russia. This incident would either be an act of war, or of sanctioned UK piracy.
Anyone who thinks this is normal needs their head examined. This is pure piracy. When Elizabeth I wanted to rob Spanish warships without declaring war, she gave nods and winks to the likes of Drake to do it privately. For the Royal Navy to act as pirates against a foreign state… pic.twitter.com/yGqz8IxIRJ
— Nick Griffin Beyond the Pale (@NickGriffinBTP) June 24, 2026
And, no, passing a “law” that makes it “legal” doesn’t actually make it right. Prima Nocte was a law.
Another exchange in which Iran completely burns US spokesmodel Marco Rubio:
“This is our internal territory with Oman. And explain this: was bombing a school and killing 160 kids legal by your law?”
🇺🇸Rubio at 6:00 PM: "When we say open the straits, we mean actually open. They’re international waters. You can’t block them — that’s illegal." 🇮🇷Araghchi at 7:00 PM: "This is our internal territory with Oman. And explain this: was bombing a school and killing 160 kids legal… pic.twitter.com/AHYrMIXT2S
— Rohitash Mahur ( Lodhi ) (@MahurRohitash) June 25, 2026
Oil Update
It’s now official in my book – the “plan” is to keep smashing the price of oil lower while draining reserves until we smash into an oil shortfall crisis.
Yesterday is was announced that Iran had struck a container ship way over on the Omani side of the Strait, hitting the bridge with some sort of airborne device.
US oil inventories are at 1983 lowsUS SPR at all time lowG7 countries SPR at all time lowCushing at tank bottomsShipping rates are skyrocketingEnergy demand hardly flinchedBut thanks God, everything is back to normal in the Strait of Hormuz and all soon will be fine pic.twitter.com/J1Dy1DgmpG
— JustDario (@DarioCpx) June 25, 2026
Oil immediately bumped up a couple of bucks, but then, wouldn’t you know it,
by thc0655 
