Topic: Oil Prices

The ongoing conflict with Iran is discussed in the context of economic "choke outs" and the targeting of Iranian oil revenue. Trump advisor Scott Besant and Commerce Secretary Howard Lutnick describe efforts to close down cash houses in Dubai and Qatar that facilitate Iranian trade in Chinese currency (RMB). The hosts critique the administration's messaging regarding service member casualties and the duration of the military engagement.

Jason Calacanis presents a "3x3" media analysis focusing on President Donald Trump's announcement of a deal to take control of 65 billion barrels of Venezuelan oil. Canadian Premier Doug Ford and Senator Ted Cruz offer differing perspectives on the geopolitical implications and the necessity of free elections in Venezuela. Curry argues the deal is a midterm ploy to lower gas prices despite the technical difficulty of processing heavy Venezuelan crude.

CENTCOM reports a stealth operation to guide 10 million barrels of oil per day through a shipping corridor hugging the coast of Oman. The hosts discuss the U.S. naval blockade of Iran, which they claim has been 100% successful in stopping Iranian exports while allowing other traffic. They argue that the U.S. effectively treats the Strait of Hormuz as American territory to control global oil prices.

President Donald Trump issues a profane warning to Oman, threatening military action if they interfere with U.S. objectives in the Strait of Hormuz. Simultaneously, the administration shifts its Iran strategy from direct kinetic strikes to a long-term economic "stranglehold" following the expiration of a peace deal deadline. While Jared Kushner claims robust dialogue is occurring, Iran denies any back-channel talks, and global oil prices reach new highs.

The media has begun labeling the conflict in the Middle East as "Trump's war with Iran." Trump joked about declaring the Strait of Hormuz a U.S. territory to ensure control over the waterway. The hosts contrast the media's acceptance of "Putin's price hike" for gas during the Ukraine war with their criticism of potential price increases under Trump's Iran policy.

President Trump shifted his policy on the Strait of Hormuz, moving from a proposed 20% transit fee to a deal involving billions in U.S. investment from Gulf allies. Meanwhile, Iran has reportedly fired on cargo ships, leading to a blockade. Analysts suggest the UAE is accelerating the use of the Fujairah port and alternative pipelines to bypass the strategic waterway.

The United States launched a second round of attacks on Iranian coastal radar sites and anti-ship missile locations following Iranian fire on cargo ships in the Strait of Hormuz. President Trump declared the ceasefire over, describing Iranian leaders as "scum" and "cuckoo," while the Pentagon released video of Navy warships patrolling the Gulf. Media reports indicate that gas prices are expected to rise as the calm in the oil market is shattered by the escalation.

Experts from the Rand Corporation and CNBC discuss the technical challenges of reopening the Strait of Hormuz, including the potential need for mine clearing. While narrow corridors could open in days, full commercial traffic may take weeks to normalize. Meanwhile, gasoline prices in Texas have dropped to $4.20, though California prices remain significantly higher due to state-specific regulations and taxes.

The U.S. will allow Iran to access a $300 billion reconstruction fund provided by Gulf states and resume oil sales only if they comply with the new peace agreement. This investment is intended to repair over a trillion dollars in damage sustained during recent conflicts and integrate Iran into the framework of the Abraham Accords.

Crude oil prices have dropped to approximately $75 per barrel following the announcement of the Iran peace deal, down from highs of $120 during the West Asia crisis. CNBC reports that an "oil glut" may be on the horizon as global supply stabilizes and shipping lanes in the Strait of Hormuz reopen.

Phil Flynn of Fox Business discusses the Trump administration's efforts to move oil through the Strait of Hormuz under the cover of night to stabilize global prices. Satellite imagery reportedly shows tankers bypassing blockades, a move credited with keeping oil prices between $85 and $90 per barrel. The operation is compared to historical military maneuvers, noting that industry insiders were initially kept quiet to ensure mission success.

President Donald Trump reportedly cancelled military actions in the Middle East, leading to a significant drop in oil prices and an 800-point surge in the Dow Jones. Reports indicate successful B-2 bomber strikes against nuclear-related targets occurred prior to the de-escalation. Speculation links the timing of the peace deal to an upcoming SpaceX IPO.

The episode wraps up with a preview of "Battle of the Douchebags" Season 2 and a series of musical mixes deconstructing the week's news. The hosts reiterate their predictions for falling oil prices and cheap gas by the July 4th holiday before signing off from the Texas Hill Country.

European leaders are scheduled to meet with President Zelensky in London to discuss the ongoing conflict with Russia. Meanwhile, reports from Iran indicate widespread student protests against the regime, with many women appearing in public without hijabs. In the U.S., Texas oil producers are reopening capped wells to meet rising demand despite increased operational costs.

Global oil prices saw a steep decline as markets anticipated a resumption of traffic through the Strait of Hormuz. Chevron CEO Mike Wirth discussed infrastructure investments, such as pipelines in the UAE and Saudi Arabia, designed to bypass the strait. Turkey is also positioning itself as a northern route for Iraqi and Kuwaiti oil to reach the Mediterranean, reducing the strategic importance of the Persian Gulf chokepoint.

President Trump has ordered an extended blockade of Iran in an attempt to reopen the Strait of Hormuz, causing global oil prices to rise significantly. There is speculation that the administration may attempt to lower gas prices sharply just before the November midterms to influence voter sentiment.

Treasury Secretary Scott Bessent defends the administration's decision to provide temporary sanctions relief for Iranian and Russian oil. Senator Chris Coons challenged the move, arguing it funds Putin's war machine, while Bessent contends that the relief prevented global oil prices from spiking to $150 per barrel. The debate highlights the tension between enforcing geopolitical sanctions and maintaining affordable energy prices for American consumers.

The International Energy Agency warns that restoring global oil and gas flows could take six months, a timeline skeptics suggest is an exaggeration intended to scare markets. Reports indicate oil tankers are circling near ports like Rotterdam without unloading, leading to accusations of deliberate price jacking.

President Donald Trump has urged U.S. allies to take responsibility for policing the Strait of Hormuz following an Iranian blockade that caused global oil prices to surge. Trump threatened to target Iranian civilian infrastructure, including power plants and water systems, if the waterway is not reopened. Additionally, the administration is monitoring Russian oil shipments to Cuba, with Trump suggesting the island nation is "gone" regarding U.S. influence.

President Trump has ramped up rhetoric regarding a potential U.S. withdrawal from NATO, criticizing the alliance for failing to assist in the Iran conflict. The tension centers on the closure of the Strait of Hormuz, which has disrupted a fifth of the world's oil and gas supply. While Trump views NATO as a "paper tiger," British leadership maintains they will act only in their own national interest.