00:00Oil prices soar about 6% to their highest since 2024 on Tuesday, rising for a third session as the
00:07U.S.-Israel war against Iran widened, disrupting energy shipments from the Middle East and stoking fears of a prolonged conflict.
00:15Brent futures rose $4.70 or 6.1% to $82.44 a barrel.
00:24Brent was on track for its highest close since July 2024, and WTI for its highest since January 2025.
00:32The war has widened.
00:34Iraq, No. 2 crude producer in the Organisation of the Petroleum Exporting Countries OPEC behind Saudi Arabia, has cut production
00:41by nearly 1.5 million barrels a day,
00:43and the cuts could more than double within days as the country runs out of storage space for crude it
00:49cannot export due to the crisis.
00:51Iran has responded with strikes against energy infrastructure in Gulf countries and tankers in the Strait of Hormuz,
00:57through which a fifth of the world's oil and liquefied natural gas typically passes.
01:02If we have a little high oil prices for a little while, but as soon as this ends, those prices
01:09are going to drop, I believe, lower than even before.
01:13U.S. President Donald Trump said U.S. and Israeli attacks were projected to last four to five weeks, but
01:19could go on longer.
01:20Trump also noted that the U.S. was considering all tanker insurance support.
01:25If this crisis is prolonged, you know, around 20 percent of global supply is very hard to replace,
01:31even with a growing market with new supply coming out of the U.S.
01:34So I think what she's replying to is obviously non-Qatar UAE cargoes.
01:39So there will be any flexible spot cargoes you can find from the U.S. or Australia or any Atlantic
01:46cargoes from, you know, West Africa is I think what she's referring to.
01:53U.S. President Donald Trump on Tuesday said the United States would cut off all trade with Spain after the
01:59European country refused to let the U.S. military use its basis for missions linked to strikes on Iran.
02:05Earlier, Spain says the United States is not using and will not be using joint military bases on its territory
02:12for operations against Iran, a mission condemned by moderate.
02:17But some of the European, like Spain, has been terrible.
02:21In fact, I told Scott to cut off all dealings with Spain.
02:27Spain, first of all, it started when every every European nation at my request paid five percent, which they should
02:33be doing.
02:34And everybody was enthusiastic about it.
02:36Germany, everybody and Spain didn't do it.
02:39And now Spain actually said that we can't use their bases.
02:44And that's all right.
02:45We don't we could use their base if we want.
02:46We could just fly in and use it.
02:48Nobody's going to tell us not to use it, but we don't have to.
02:51But they were unfriendly.
02:54And so I told him we don't want to.
02:56Spain has absolutely nothing that we need other than great people.
03:00They have great people, but they don't have great leadership.
03:03And as you know, they were the only country that in NATO would not agree to go up to five
03:08percent.
03:09I don't think they wouldn't agree to go up to anything.
03:12They wanted to keep it at two percent and they don't pay the two percent.
03:16So we were going to cut off all trade with Spain.
03:18We don't want anything to do with Spain.
03:24And I'm not by the way, I'm not happy with the UK either.
03:29That island that you read about the lease.
03:32OK, he made it for whatever reason.
03:34He made a lease of the island.
03:36Somebody came and took it away from him.
03:38And it's taken three, four days for us to work out where we can land.
03:44There would have been much more convenient landing there as opposed to flying many extra hours.
03:48So we are very surprised.
03:50This is not Winston Churchill that we're dealing with.
03:54I don't know.
03:54I don't know.
03:54I don't know.
03:54I don't know.
03:54I don't know.
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