Happy Friday, everyone. The events are picking up speed. Let’s dive in.
Deal, No deal, And More Fire Than Cease
Happy day 96 of the Iran war.
The absolute clown show in the Persian Gulf continues to unfold exactly as it has for the past three months. Trump says things that nobody believes anymore, except for the government-aligned trading platforms that dutifully sell oil futures at every utterance.
This morning, Trump seems to have completely backtracked on the nuclear issue. Clearly, nobody believes that Iran lacks the ability to “untomb” the uranium.
*TRUMP: NO REASON TO GET IRAN NUCLEAR DUST, IT'S ENTOMBED*TRUMP: NOT CONSIDERING COVERT OPERATION TO SEIZE IRAN URANIUM*TRUMP: WE HAVE POWERFUL CAMERAS WATCHING IRAN'S URANIUM
— zerohedge (@zerohedge) June 4, 2026
It’s a near certainty that the UAE’s energy infrastructure was hit last night:
Iran says it targeted US naval assets:
*TASNIM:US NAVY 'FORCED TO FLEE' AFTER IRAN FIRED MISSILE, DRONE https://t.co/5dXOV9mpN2
— zerohedge (@zerohedge) June 5, 2026
CENTCOM says “nuh uh!” but they’ve been caught lying every step of the way.
US Central Command on Friday rejected an Iranian account of an encounter in the Gulf of Oman, saying Iranian forces did not fire warning shots at US Navy vessels and did not force them to withdraw."Iranian forces did NOT attack or fire at US Navy warships," CENTCOM said on X,…
— Iran International English (@IranIntl_En) June 5, 2026
Speaking og CENTCOM lies, damn, that was one heck of a laundry fire:
Trump called CNN a "corrupt organization" yesterday.Today CNN releases a video that shows damage on USS Ford was more severe than the Navy suggested:https://t.co/3PznwkX96y https://t.co/K3xJXq6ZCB pic.twitter.com/uPseVQUfek
— MenchOsint (@MenchOsint) June 4, 2026
Europe will run out of jet fuel well before Labor Day.
Europe’s jet fuel situation is deteriorating rapidly.Spain, France, Italy, and others have warned private aviation operators that jet fuel may be unavailable this summer…at any price. Commercial aviation isn’t immune: 30–50% of flights will face disruption or cancellation.… pic.twitter.com/QsXBJn9Vj1
— 🇺🇸 Kyle Bass 🇹🇼 (@Jkylebass) June 5, 2026
Can the US continue to supply Europe? Not forever…tick tock
Another huge draw: Crude -7.794MM, Exp. -3.050MMGasoline +3.364MMDistillates +1.502MMCushing -583KSPR drain: -7.993MM last week, now down 58MM since the start of the war to 357MM barrels pic.twitter.com/qWsrj78wWR
— zerohedge (@zerohedge) June 3, 2026
🇺🇸🛢️US oil and petroleum product inventories just hit a 22 year low.The last time stockpiles were this low, the iPhone didn't exist….48 hours ago, ExxonMobil's SVP Neil Chapman told CNBC inventories were heading to "really, really low levels" and physical Brent would move… pic.twitter.com/mcbD82Op2S
— Jack Prandelli (@jackprandelli) June 4, 2026
For those keeping score at home, the US has burned through 57.7 million barrels of its ‘strategic’ petroleum reserve in the past 3 months.
For its part, China has done some very heavy lifting to keep oil prices low by not importing ~half of the oil it was importing before the war started:
Chinese seaborne crude imports now down ~50% from pre-war levels, according to latest Kpler tracking.Beijing doing more to balance the Hormuz-starved oil market than the rest of the world combined and no one knows exactly how long they can—or are willing to—keep it up. pic.twitter.com/lOEkSFxJbK
— Rory Johnston (@Rory_Johnston) June 3, 2026
When China returns to oil purchases, look out above! In keeping with my recent hypothesizing in the most decent Wake Up Call, China’s strategy may be to (1) keep oil
by sand_puppy 
