Why Were Iranian-Linked Ships Lingering Over The World's Undersea Internet Cables Brent futures remain below $100 a barrel in early New York trading as diplomatic signals continue to emerge. Markets are betting that the Democratic sweep has raised the odds of a near-term peace deal, which was enough to wipe out Brent's $20-a-barrel war risk premium this week.
But the US and Iran could still return to all-out fighting as US planners want to wipe out Pickaxe Mountain and disable Kharg Island. All this hopium overlooks the fact that the global energy and refining crisis is far from over. Even if the two sides reach a deal, it will take time to replenish depleted stockpiles worldwide.
Another geopolitical wake-up call comes from the Financial Times , which reported this morning that at least four Iran-linked ships lingered over undersea telecommunications cables in the Gulf of Oman in October .