President Donald Trump floated renaming the Strait of Hormuz to “Trump Strait” in a Truth Social post on Wednesday morning.
“Now that we have it under U.S.A. control, should we change the name Hormuz Strait to TRUMP STRAIT??? Like America itself, it would be “hotter” than ever before! Thank you for your attention to this matter. President DONALD J. TRUMP,” he wrote.
Russia Aids Iran’s Supersonic Missile Program
Trump’s post landed as regional tensions rose and reports said Russia is secretly aiding Iran in developing advanced supersonic cruise missiles. Moscow’s engineers are sharing technology that could threaten U.S. Navy vessels.
The covert program, codenamed C430L, aims to boost Iran’s missile capabilities and has raised security concerns. The report described Russia as “quietly helping” Iran build supersonic cruise missiles, and said the effort has prompted concerns about a potential threat to U.S. Navy vessels.
Occidental and ConocoPhillips Cash in on Higher Crude
Disruptions in the Strait of Hormuz have pushed crude prices higher, lifting realized prices for Occidental Petroleum Corporation (NYSE:OXY) and ConocoPhillips (NYSE:COP).
A report said these producers are turning the turmoil into higher realized prices, with Occidental posting a worldwide realized oil price of $96.78 per barrel, up 38% quarter-over-quarter. ConocoPhillips also saw a significant increase in realized prices, despite operational challenges in the Middle East.
The report framed the Middle East conflict as creating an “unusual earnings windfall” for oil producers far from the battlefield as Strait of Hormuz disruptions push crude prices higher.
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