United States and Israel attack Iran Early Saturday Morning

Warrigal said:
For daily updates from a respected Australian journalist, Laura Tingle.

Here's one thing you should know about the Middle East war this morning

I discovered her years ago when she was a US news correspondent for Australia's ABC. She is very professional in every this that she delivers.
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Thank you! This was such an interesting article I copied excerpts for members who may not click on link. The second paragraph, "What's The Fallout?" is also poignant. I always appreciate members who state facts and cite their sources.

Here's what you need to know today:​

  • In breaking news this morning, Iran has named Mojtaba ⁠Khamenei as its new supreme leader, replacing his father. The country's Assembly of Experts has called on Iranians to pledge allegiance to him.
  • And yet this regime is in turmoil. Deep divisions between the government and military have been laid bare after its president apologised to Gulf neighbours for attacking them, only for the Revolutionary Guard to escalate those attacks within minutes.
  • Gulf state patience with Iran is running out. Saudi Arabia has warned Tehran that continued strikes on the kingdom could force it to respond in kind. The UAE, more tersely, said it reserved the right to take "all necessary measures" to protect its sovereignty.
  • The human toll across the region keeps mounting. Hundreds of thousands are fleeing Israeli air strikes on Hezbollah in Lebanon. In Tehran, toxic pollution from a destroyed oil refinery is now being washed down on residents by rainfall. Israel's Iron Dome has kept its casualties relatively low — but it is now fighting on two fronts: against Iran and against Hezbollah in Lebanon, and the death toll is rising.
  • US Central Command has confirmed a seventh US soldier has died, from wounds sustained during Iran's initial counter-attack a week ago.
 
Grailhunter57 said:
Do you think it will after the war?
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Without sanctions, it might be possibly as it would be on the open market.

We have to remember that a huge portion of crude (70%~80%) exiting the Persian Gulf... goes eastward to India, China, Japan, South Korea, etc. China is the biggest one of the bunch, with India next. All of those countries, with the exception of India, has significant stockpiles. Which explains the rationale about Russian crude going to India, and reports India is or was going after Iran's shadow fleet tankers.
 
Harry Le Hermit said:
Crude at $107 per barrel, gasoline futures up 30¢ per gallon. Current national average at $3.45, with it likely rising to $3.75 in the next couple of days. Fill up now
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That post is already outdated, with crude up to $118. The gasoline futures market on nearby is up 42¢ currently to $3.18. Expect the national pump average to easily push past the $4 per gallon mark later this week. That will be the big story going forward. The Strait will need to be opened up rather quickly, as the markets are hyper ventilating and we can put ourselves on recession watch, imho... if not quickly resolved.
 
Harry Le Hermit said:
Without sanctions, it might be possibly as it would be on the open market.

We have to remember that a huge portion of crude (70%~80%) exiting the Persian Gulf... goes eastward to India, China, Japan, South Korea, etc. China is the biggest one of the bunch, with India next. All of those countries, with the exception of India, has significant stockpiles. Which explains the rationale about Russian crude going to India, and reports India is or was going after Iran's shadow fleet tankers.
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I'm hoping with fingers crossed that the newly selected leader the son of the murdered leader will be more conciliatory than his father but the teachings of the koran may not give him much leeway as my bible would place him at the best - second best - but that's another long story!
 
Grailhunter57 said:
One of the first things we learned in Anti-Terrorism training in the Navy was the shock we would have once we got to know the Muslim people. They think so different that they seem crazy to westerners.
Their women are considered property.
They kill people, even family over Muslim sins.
They showed us a video of a woman taken out into a soccer field and shot in the head in front of her children, a lot of children, because she was suspected of adultery.
A video of a what looked like a birthday party but it was celebrating their son become a suicide bomber. His mother was smiling and hugging him.
It is well known fact that sons give their fathers BJ's out of respect and love. Sex with daughters is less common because it is hard for a young lady that is not a virgin to find a husband. And can be killed if her husband finds out that she was not a virgin. I do not know how many young ladies have been killed for this, but not all females bleed enough to show upon first penetration.
Their females are covered from head to toe except for their eyes. And at time their eyes are covered with a thin veil. In the heat this is miserable.
Anal sex is used for contraception.
Some Muslims have never seen a bathtub.
And there are a lot more strange customs.
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ah you come with a "shock and blunt value" - I assume you speak the truth with no barbed -tongue? - some here have got sensitive stomachs you may find? - it may be useful to if you can provide a few reference points along the way although I do realize if it is true then it will be guarded and not shared with the rest of the world?
 
and to think according to biblical reading and probably Koranic also; Ishmael and Isaac were once two loving brothers and sons of Abraham - One would develop the Jewish clan and the other the Islamic clan. But it seems Isaac's mother grew jealous and demanded her maid servant and son Ishmael leave the camp and were banished to the desert ; where it was said they were protected and assisted by angelic beings?

Look what we have today - Israel and the rest of the Arab world countries hardly speaking or worshiping the same God? and dragging the rest of the world into their relationship issues! [it is of course far more complex now than can be imagined]
 
Harry Le Hermit said:
That post is already outdated, with crude up to $118. The gasoline futures market on nearby is up 42¢ currently to $3.18. Expect the national pump average to easily push past the $4 per gallon mark later this week. That will be the big story going forward. The Strait will need to be opened up rather quickly, as the markets are hyper ventilating and we can put ourselves on recession watch, imho... if not quickly resolved.
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Some rollback in the futures, so the $3.45 national average of today will become about $3.90 shortly. Of course this reflects the Asian market impact on futures. Not seeing anything related to movement of tankers out of the Persian Gulf, so don't expect much sustained downward trend in pricing, imo.
 
smiley said:
I'm hoping with fingers crossed that the newly selected leader the son of the murdered leader will be more conciliatory than his father but the teachings of the koran may not give him much leeway as my bible would place him at the best - second best - but that's another long story!
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Regardless of the who/what/when of Iran leadership... my focus is about the flow of crude and eventual impact on my little piece of the globe. It has started and backing off now, is simply... once again kicking the can down the road.
 
Saudi Arabia - the biggest oil supplier in the region - is said to be curbing output at two major fields in the latest sign of fallout from the war.

The news emerged as experts warned that petrol could hit £2 a litre for the first time, amid a staggering spike in global oil costs.

That makes £9 per gallon ...equivelent to $12 USD per gallon.... for a war we're not involved in.... 😩 😩


The price of a barrel of oil has rocketed over $100 for the first time in years, with supplies threatened by attacks on infrastructure of major producers in the region.

Iran has also managed to effectively shut the Strait of Hormuz, through which around a fifth of the world's oil travels.

The surge in prices did ease back, amid expectations that an emergency G7 meeting this afternoon will dump reserves into global supply chains.

But analysts say there is a real risk the oil price will reach $150 a barrel, with estimates that would mean £2 a litre petrol for British drivers. The previous record was 191.4p in 2022, and they are currently running around 140p.

The FTSE 100 dropped more than 100 points on opening this morning, having lost well over a month of gains since the crisis erupted nine days ago.
 
MarciKS said:
$12 a gallon? Holy crap!
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the thing is ..how are people going to be able to afford to drive to work ?...who could ?... and of course public transport prices will rise simultaneously, as well as our Electricity and gas prices... which are sky high as it is... then the cost of fuel goes on the prices of food.... just horrendous...

I wouldn't mind half so much if this was a war WE were involved in but we're not ! :rolleyes:
 
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Gas prices are volatile; subect to daily market changes, which makes them an unreliable indicator of the true inflation rate. The bigger concern will be prices on food and necessities caused by gas (transportation) costs. Once raised, those prices do not drop, once gas prices stabilize or lower. That would be deflation, and the last time the CPI showed sustained annual deflation was in 2009.
 
MACKTEXAS said:
Gas prices are volatile; subect to daily market changes, which makes them an unreliable indicator of the true inflation rate. The bigger concern will be prices on food and necessities caused by gas (transportation) costs. Once raised, those prices do not drop, once gas prices stabilize or lower. That would be deflation, and the last time the CPI showed sustained annual deflation was in 2009.
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It's nothing to do with inflation in the UK..it's that the middle east supplies our oil... and now with the war and the tankers being bombed there's none getting through to us
 
hollydolly said:
It's nothing to do with inflation in the UK..it's that the middle east supplies our oil... and now with the war and the tankers being bombed there's none getting through to us
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My post is based on inflation in my country - not a reply to any previous post.

We are getting oil / gas, but at a higher price each day, which will effect prices on what we buy here.

So will you, no matter the reason either of us are now paying higher transportation costs.
 
MACKTEXAS said:
My post is based on inflation in my country - not a reply to any previous post.

We are getting oil / gas, but at a higher price each day, which will effect prices on what we buy here.

So will you, no matter the reason either of us are now paying higher transportation costs.
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However I'm just saying that our current rise in rpices is nothing to do with Inflation...it's to do with a war that's nothing to do with us !
 
hollydolly said:
However I'm just saying that our current rise in rpices is nothing to do with Inflation...it's to do with a war that's nothing to do with us !
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Higher prices we're all currently seeing in most countries is due to this war. It's unfortunate that your country is unwillingly dragged into it without participating in it, but other countries are too. I previously expressed to you the same sentiment -> here.
 
I’m glad I filled up my car with gas last week because yesterday it was over 5/gallon and on the news it said California was right around 6/ a gallon.

It sounds like things are going to be much worse over in Europe from what Holly Dolly said. I can’t even imagine paying 12/gallon. Being retired. I only go through a tank of gas every 4–6 weeks because I live close to everything.

I really feel sorry for people that have to drive long distances to work and shuttle their kids around etc. When we were young we each went through a tank of gas every week.
 
MACKTEXAS said:
Gas prices are volatile; subject to daily market changes, which makes them an unreliable indicator of the true inflation rate. The bigger concern will be prices on food and necessities caused by gas (transportation) costs. Once raised, those prices do not drop, once gas prices stabilize or lower. That would be deflation, and the last time the CPI showed sustained annual deflation was in 2009.
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I also fear inflation for exactly the reasons you cited.
 
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Teacher Terry said:
I’m glad I filled up my car with gas last week because yesterday it was over 5/gallon and on the news it said California was right around 6/ a gallon.

It sounds like things are going to be much worse over in Europe from what Holly Dolly said. I can’t even imagine paying 12/gallon. Being retired. I only go through a tank of gas every 4–6 weeks because I live close to everything.

I really feel sorry for people that have to drive long distances to work and shuttle their kids around etc. When we were young we each went through a tank of gas every week.
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yes... and people like me who don't live near any stores or hospitals etc... altho' thankfully these days we do have deliveries we can arrange when it comes to food .. but I suspect if this goes on much longer the price of delivery from supermarkets, and Amazon et al..will also increase..

In saying that... like we'll be able to afford anything , now that our gas ( heating).. has doubled in price this week , and our Electricity risen substantially... goodness knows what's going to happen.. :(
 
StarSong said:
I thought it was inflation when overall prices went up. How would the current scenario translate to deflation?
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"How would the current scenario translate into deflation?" It doesn't. I mentioned how long it has been since we've seen a period of deflation to emphasize the point I made which preceded it. Due to higher gas prices (or gas shortages in some countries) we can all expect to all experience inflation, and the higher costs for goods we can expect to see will far exceed the higher prices most of us seniors pay for gas. I average filling my tank once a month. My biggest cost hikes will likely be experienced in what I pay for necessities.
 
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I haven't contributed to this thread, and I don't think I will. But I'm glad to see a thread like this surviving on SF. Of course there are political implications (or should I say, dimensions) in all this, but this topic would be the hugest elephant in the living room if it hadn't been allowed. It touches all our lives.

Kudos, @Grailhunter57.
 
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Teacher Terry said:
I’m glad I filled up my car with gas last week because yesterday it was over 5/gallon and on the news it said California was right around 6/ a gallon.
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I've never understood why some locations can get away with charging so much more for the same gas. It's still $2.89 at most of our stations here. There's one that's always been at least 10 cents higher than the rest, and even that one is only at $3.08 now.
 
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