Latest / The Ben Ferguson Podcast / Closed? Not Even Close—Oil Keeps Moving, but So Do Red Flags

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Closed? Not Even Close—Oil Keeps Moving, but So Do Red Flags · The Ben Ferguson Podcast

• 0:00
  Speaker 1: And be sure that the Aradians won't use profits from
• 0:03
  Speaker 1: boil sales to three buildings usarias well. They're not supposed
• 0:06
  Speaker 1: to be doing that, so I will say, but they're
• 0:08
  Speaker 1: supposed to use money to buy food for the people,
• 0:10
  Speaker 1: because right now that people are very hungry and they're
• 0:13
  Speaker 1: buying it exclusively from a corn soybeans, there should be
• 0:17
  Speaker 1: a lot of money. I hope it's a.
• 0:19
  Speaker 2: Lot of you're listening to the forty seven Morning Update
• 0:23
  Speaker 2: with Ben ferguson.
• 0:24
  Speaker 3: Good Tuesday morning. Nice have you with us on the
• 0:26
  Speaker 3: forty seven Morning Update. We've got a major update on Iran,
• 0:30
  Speaker 3: including the fact that Iran maybe buying American soybeans with
• 0:34
  Speaker 3: unfrozen funds. Plus astray of them horror moves is actually
• 0:38
  Speaker 3: still open. So where are we right now? We break
• 0:41
  Speaker 3: it down for you. Now. Before we get to that,
• 0:43
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  Speaker 1: Now.
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• 2:01
  Speaker 3: dot com. It's a forty seven morning update and it
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  Speaker 3: starts right now.
• 2:06
  Speaker 2: Story number one.
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  Speaker 3: I want to get an update on what's happening with
• 2:09
  Speaker 3: the straight of Horn moves right now and the Iran deal,
• 2:12
  Speaker 3: which is up and down as the Vice President's trying
• 2:14
  Speaker 3: to salvage this thing and try to get us some
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  Speaker 3: good news. But what we are being told right now
• 2:20
  Speaker 3: is that tankers are in fact continuing to move through
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  Speaker 3: the Strait of horn Moves despite the Iranian threat. Although
• 2:27
  Speaker 3: Iran proclaimed that the Straight of horn Moves was once
• 2:29
  Speaker 3: again closed on Saturday, tankers continue to move through the
• 2:33
  Speaker 3: vital waterway, including very large crude carriers and liquid natural
• 2:38
  Speaker 3: gas tankers as well. That is good news for the
• 2:40
  Speaker 3: world economy. The strait was reopened on Thursday after President
• 2:45
  Speaker 3: Donald Trump and the Iranian President signed their Memorandum of
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  Speaker 3: Understanding the MOUs to establish the framework for a quote
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  Speaker 3: unquote piece deal. Just a few days later, on Saturday,
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  Speaker 3: Taran announce the Straight was closed again because Israel was
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  Speaker 3: still fighting Iran's terrorist proxy heads blot in Lebanon. US
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  Speaker 3: Central Command syentcom responded by saying that Iran does not
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  Speaker 3: control the Strait of Hormus quote unquote. Very simple then
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  Speaker 3: came out with another statement saying traffic continues to flow
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  Speaker 3: and US forces are monitoring the situation to ensure this
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  Speaker 3: in fact remains the case. Is what the s income
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  Speaker 3: spokesman Captain Tim Hawkins said in a statement now Save
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  Speaker 3: passage through the International water Way remains intact today as
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  Speaker 3: fifty five merchant ships transited, moving large amounts of cargo
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  Speaker 3: and more than seventeen million barrels of oil to the
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  Speaker 3: global market. Symcom said on Saturday, US forces remain present
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  Speaker 3: and vigilant to ensure all aspects of the agreement with
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  Speaker 3: Iran are adhered to, obeyed, and in full force and effect.
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  Speaker 3: This statement continued now. Sincom referred to the latest bulletin
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  Speaker 3: from them in the Joint Maritime Information Center which lowered
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  Speaker 3: its risk advisory level for the Strait of Horn Moves
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  Speaker 3: to moderate and said the strait is quote now open.
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  Speaker 3: JMIC posted an update on Sunday that said traffic flows
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  Speaker 3: are increasing so not decreasing. Even though Iran said that
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  Speaker 3: the strait was closed, well, the number of ships going
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  Speaker 3: through increase. They said navigational system interference in wider regional
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  Speaker 3: military activity continues to warrant caution. Navigational interference includes hailing
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  Speaker 3: and surveillance activity by Iran's Islamic Revolutionary Guard. The IRGC.
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  Speaker 3: Reuter Is also reported on Monday that oil and liquid
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  Speaker 3: natural gas tankers are indeed moving through the Strait of
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  Speaker 3: Horn Moves and traffic is picking up. They said. Four
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  Speaker 3: LNG tankers controlled by Katar headed into the gulf and
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  Speaker 3: through the strait on Monday, while two supertankers which can
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  Speaker 3: carry up to four million barrels of crew alone cross
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  Speaker 3: into the gulf, with one signaling its destination as the
• 5:05
  Speaker 3: Iraqi port of Basrah. The report said that the data
• 5:10
  Speaker 3: from the ship tracker also confirmed that. They said two
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  Speaker 3: smaller crew tankers carrying just under two million barrels of
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  Speaker 3: oil in total, sailed out of the Straight of Worm
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  Speaker 3: Moves into the Gulf of Moman on Monday, citing a
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  Speaker 3: different set of ship tracking data for that. So what
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  Speaker 3: we now know. It's pretty clear now that this is
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  Speaker 3: apparently what Iran says and their propaganda doesn't actually match reality.
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  Speaker 3: I think it's fair to say yet again now. Reuters
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  Speaker 3: also noted that more ships could be passing through the
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  Speaker 3: strait with their Automatic Information System or AIS transponders turned
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  Speaker 3: off for safety. They said, based on visual observations, traffic
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  Speaker 3: does seem to slow considerably after the iERG said that
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  Speaker 3: the strait was closed again failing following excuse me from
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  Speaker 3: twenty six ships spotted on Saturday to just five on Sunday,
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  Speaker 3: So when they say something like this, it does have
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  Speaker 3: an impact. Now. The South Korean Ministry of Oceans and
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  Speaker 3: Fisheries also set on Monday that two ships operated by
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  Speaker 3: South Korea have been able to pass safely through the
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  Speaker 3: strait since the MoU was signed. The Ministry provided a
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  Speaker 3: few further details in the interests of safety because the
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  Speaker 3: ships have not yet fully exited what is described as
• 6:27
  Speaker 3: a high risk zone. They mentioned that neither of them
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  Speaker 3: is crewed by South Koreans or currently headed for port
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  Speaker 3: in South Korea. They listed also Intelligence Lloyd's List Intelligence
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  Speaker 3: set on Sunday that commercial traffic continued to move through
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  Speaker 3: the strait over the weekend, despite repeated Ranian claims that
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  Speaker 3: it had closed the water away and respond to what
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  Speaker 3: described as Israel's violation of a ceasefire because of them
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  Speaker 3: targeting terracets in Lebanon. Now, another maritime intelligence company, known
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  Speaker 3: as Windward concurred with its own analysis that traffic through
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  Speaker 3: the Southern Corridor was not reflecting any closure. They noted
• 7:09
  Speaker 3: that the strait was nowhere near returning to its pre
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  Speaker 3: war traffic loads, based on the traffic data. Windward split
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  Speaker 3: the analytical difference by observing that high visibility traffic with
• 7:21
  Speaker 3: transponders switched on had stalled even before the IRGC declared
• 7:25
  Speaker 3: the strait was closed on Saturday. So they're turning off
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  Speaker 3: their transponders for safety reasons, they said. Twelve transits today,
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  Speaker 3: down from twenty one on June twentieth. Neutral and European
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  Speaker 3: tonnage absent five of the seven inbound vessels dark. Windward said,
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  Speaker 3: so again, that means that they're turning off their transponders
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  Speaker 3: because they feel like that gives them a better chance
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  Speaker 3: of safety passing through the strait. They said. The current
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  Speaker 3: traffic profile is dark, sanctioned and Iran linked resemble the
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  Speaker 3: late blockade baseline more than a functioning open straight The
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  Speaker 3: lists concluded there, so this is what the vice president
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  Speaker 3: is having to deal with right now, This is what
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  Speaker 3: the President's having to deal with right now, This is
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  Speaker 3: what the Trump Administration's having to deal with right now,
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  Speaker 3: and honestly, this is what the world's having to deal
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  Speaker 3: with now. Fox News anchors also poured a lot of
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  Speaker 3: blunt I think a fair way of saying it is
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  Speaker 3: cold water on Jendie Vance's I Rand deal update and
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  Speaker 3: put it this way as they were describing the latest update.
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  Speaker 3: As Van said, Trump wants to focus on Iran's actions,
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  Speaker 3: I guess more than their words. Listen carefully to their words.
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  Speaker 4: Okay. The Vice President boarding the plane Air Force two
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  Speaker 4: and heading back to the United States after a couple
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  Speaker 4: of days of negotiations there in the beautiful part of
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  Speaker 4: the world. Was are in Switzerland with the Iranian delegation.
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  Speaker 4: Sanders saying that he's achieved some success in setting up
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  Speaker 4: a mechanism to keep the straight of horror moves open,
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  Speaker 4: though a lot of people would say American firepower is
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  Speaker 4: all you need to do that setting up a mechanism
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  Speaker 4: to achieve a lasting cease fire. Had the fact that
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  Speaker 4: the Iranians say that they will allow inspectors to come
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  Speaker 4: in in terms of their nuclear program. But the Vice
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  Speaker 4: President there with a caveat that says, we don't know
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  Speaker 4: exactly what that means, and if history is any guide,
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  Speaker 4: might not mean much.
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  Speaker 5: Yeah, adding that it's been a very confusing process to
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  Speaker 5: negotiate with the Iranians, but that positive talk about getting
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  Speaker 5: that oil moving is what continues to send oil price
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  Speaker 5: is lower now in your seventy four dollars a barrel.
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  Speaker 5: The US stock market's still hovering near all time high.
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  Speaker 5: So as long as the messaging continues to be that,
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  Speaker 5: you know, we have reason to believe that the White
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  Speaker 5: House is happy with what they've seen so far.
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  Speaker 4: John, and the word from the administration, and you and
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  Speaker 4: I know this because we were on a call with
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  Speaker 4: the senior administration official a little more than a week ago,
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  Speaker 4: is that if this all transpires in the way that
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  Speaker 4: the White House hopes it will, it has the potential
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  Speaker 4: to transform the Middle Ages. The Vice President reiterated that again,
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  Speaker 4: but he also said, we haven't built the house yet,
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  Speaker 4: and I would think of all of the things, all
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  Speaker 4: of the houses or all of the buildings that President
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  Speaker 4: Trump has built over his long and story career as
• 9:58
  Speaker 4: a real estate developer, build this particular house with the
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  Speaker 4: Iranians is probably the toughest challenge he's ever done.
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  Speaker 5: And I'm sure that's all part of the vision.
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  Speaker 3: All right.
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  Speaker 5: We are going to have much more on that in
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  Speaker 5: reaction to it coming up. Mean, while the judge and
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  Speaker 5: the typ.
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  Speaker 3: So you can hear there, there's a lot of people
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  Speaker 3: that are scratching their head, like the Vice President is
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  Speaker 3: there with a caveat that says, we don't know exactly
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  Speaker 3: what that means, referring to this nuclear inspections and if
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  Speaker 3: history is any guide, that might not mean much. Those
• 10:25
  Speaker 3: are the words from Fox News Channel. I think it's
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  Speaker 3: very interesting how blunt they were there. After the Vice
• 10:31
  Speaker 3: President kind of gave his update of where we are.
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  Speaker 3: We now are being told that the frozen Iranian funds
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  Speaker 3: would not be released unless the United States continue to
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  Speaker 3: see progress, while describing as a guitarist as an oversight
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  Speaker 3: mechanism for funds that could be used to buy American soybeans.
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  Speaker 3: Vance's remarks came after reporter asked whether Ran had already
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  Speaker 3: agreed that frozen funds could be used to buy American soybeans.
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  Speaker 3: Vance replied, Yeah, that was something that came up yesterday.
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  Speaker 3: We actually asked the Kataris to help us set up
• 11:00
  Speaker 3: the mechanism so that we could ensure that the money
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  Speaker 3: goes where we want it to go, and they agreed
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  Speaker 3: to that. We have a good relationship obviously with them,
• 11:09
  Speaker 3: and a good operational oversight mechanism in place. But even
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  Speaker 3: with that said, even with the caveat, that's going to
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  Speaker 3: benefit American farmers and obviously benefit the people of Iran.
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  Speaker 3: We want both, but fundamentally, the money is not going
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  Speaker 3: to be unfrozen unless we continue to see progress, and
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  Speaker 3: that will obviously be a big part of the negotiations
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  Speaker 3: in the days to come. Now. The comments follow the
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  Speaker 3: release of the Memo of Understanding between the United States
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  Speaker 3: and Iran, which the White House confirmed after the full
• 11:36
  Speaker 3: text was shared with the reporters. The memo said the
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  Speaker 3: United States and Iran had jointly agreed in good faith
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  Speaker 3: to terms involving the current conflict, the current sanctions, Iran's
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  Speaker 3: nuclear program, and negotiations towards a quote unquote final deal.
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  Speaker 3: The memo also stated the United States would make fully
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  Speaker 3: available for use the frozen and restricted funds and assets
• 11:56
  Speaker 3: of Iran upon implementation of the MoU countries would mutually
• 12:00
  Speaker 3: agree on procedures for releasing these funds during the negotiations,
• 12:06
  Speaker 3: and the text said that such funds, whether kept in
• 12:08
  Speaker 3: the original account or transferred, would be fully usable for
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  Speaker 3: payment to any unlimited beneficiary designed by the Central Bank
• 12:16
  Speaker 3: designated excuse me, by the Central Bank of Iran. That
• 12:20
  Speaker 3: is where a lot of conservatives started like screaming, I
• 12:22
  Speaker 3: was one of them over this massive red flag. And
• 12:25
  Speaker 3: that's why the question that was asked there of the
• 12:27
  Speaker 3: president was an important one. Now you can hear the
• 12:30
  Speaker 3: Vice president saying no, no, like we've got this, everything's fine. Again,
• 12:35
  Speaker 3: this goes back to the issue of trust, but verify.
• 12:38
  Speaker 3: President Trump was also asked if he would risk worldwide
• 12:41
  Speaker 3: depression and strike Iran. Again, so again the media with
• 12:45
  Speaker 3: their doom or gloom questioning continuing, Listen.
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  Speaker 5: If I could cause a worldwide depression, as you noted,
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  Speaker 5: mister president, are you willing to risk economic catastrophe and
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  Speaker 5: strike Iran?
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  Speaker 1: Well, that the way I'm doing it not going to
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  Speaker 1: cause Yes, if they don't abide by the Well, nuclear
• 13:03
  Speaker 1: weapon supersedes depression. Depressions, real bad nuclear weapon will cause
• 13:09
  Speaker 1: depression much more quickly. The way we're doing it, we
• 13:13
  Speaker 1: have the opposite of a depression. We're doing really well.
• 13:19
  Speaker 1: The numbers are incredible. The oil is at a level
• 13:22
  Speaker 1: that nobody's ever seen before. Oil press is are way down.
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  Speaker 1: I think it very comparable to what they were christ
• 13:28
  Speaker 1: or a pretty comparable to what they were before we started.
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  Speaker 1: They've turned most of the way back down.
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  Speaker 5: And So if Iran is not abide by the MU
• 13:39
  Speaker 5: are you still say it.
• 13:42
  Speaker 1: Would cause a depression? I said it could cause a depression, right,
• 13:46
  Speaker 1: And they said that. I don't want to be Herbert Hoover.
• 13:50
  Speaker 1: That's a president I don't want to be because he,
• 13:52
  Speaker 1: you know, he was in charge during the Great Depression,
• 13:57
  Speaker 1: and certainly a lot of bad things happen. That would
• 14:00
  Speaker 1: be one of the things. I don't think it would.
• 14:02
  Speaker 1: But if it did. But if Iran doesn't live up
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  Speaker 1: to their agreement or if they're not behaving, I will.
• 14:11
  Speaker 1: I will do what I have to do.
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  Speaker 3: It really is interesting to hear the media there do
• 14:17
  Speaker 3: everything that they possibly can to make you believe that
• 14:21
  Speaker 3: the sky is falling, the world is ending, it is over, folks,
• 14:25
  Speaker 3: and if Donald Trump attacks Iran again, that we're going
• 14:30
  Speaker 3: to go into this catastrophic economic fall, not just America
• 14:34
  Speaker 3: but the rest of the world. Ask yourself this question,
• 14:38
  Speaker 3: why would the media describe it this way? Because they
• 14:41
  Speaker 3: do not want the president United States of America to
• 14:43
  Speaker 3: be successful and actually dismantling Iran from being a threat
• 14:48
  Speaker 3: to our national security. And what they're really about here
• 14:54
  Speaker 3: it is they want this present to be a failure.
• 14:58
  Speaker 3: They want him and everything that happens to be a failure.
• 15:03
  Speaker 3: So if the President does his job, which is to
• 15:06
  Speaker 3: keep us safe and deal with the national security issue,
• 15:10
  Speaker 3: that they can have been kicked down the road for
• 15:12
  Speaker 3: how long? I go back to what Donald Trump is doing.
• 15:15
  Speaker 3: He has the same policy towards Iran that Hillary Clinton had,
• 15:20
  Speaker 3: that Bill Quinton had, the Barack Obama had, that Joe
• 15:23
  Speaker 3: Biden had, that Kama hair has had, that Chuck Schumer had,
• 15:26
  Speaker 3: the Dan supposed to had. That Iran cannot get a
• 15:28
  Speaker 3: nuclear weapon. The only difference is that a guy by
• 15:32
  Speaker 3: the name of Donald Trump is actually willing to do it.
• 15:35
  Speaker 3: They were not. They just would keep punting and kicking
• 15:40
  Speaker 3: the ball because they didn't want to deal with it.
• 15:42
  Speaker 2: Thank you for listening to the forty seven Morning Update
• 15:45
  Speaker 2: with Ben Ferguson. Please make sure you hit subscribe wherever
• 15:49
  Speaker 2: you're listening to this podcast right now and for more
• 15:52
  Speaker 2: in depth news, also subscribe to the Ben Ferguson podcast
• 15:56
  Speaker 2: and we will see you back here tomorrow.