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Wed, 04 Mar 2026 01:30:00 +0000 Tankers Burn From Strait Of Hormuz To Mediterranean Sea Amid Spillover War Risks
Tankers Burn From Strait Of Hormuz To Mediterranean Sea Amid Spillover War Risks
Tankers Burn From Strait Of Hormuz To Mediterranean Sea Amid Spillover War Risks
Times of Malta reports that the Russian-flagged LNG tanker Arctic Metagaz, identified as part of Russia's shadow fleet, suffered an explosion while transiting the Mediterranean Sea between Malta and Libya.
Multiple sources told the local newspaper that Arctic Metagaz experienced a "series of explosions" and that it "was a case of deflagration; indications are that there was a huge explosion on board."
The outlet cited the UK-based global security risk firm EOS Risk Group, which said the explosion is due to a "drone attack."
In a separate report, Reuters also says the LNG tanker may have been hit by a drone, with Ukraine suspected of carrying out the operation.
Reuters recently reported that three crude oil tankers have been damaged by blasts in the Mediterranean area, with the cause unknown.
Last December, Ukraine hit the Russian-linked tanker Qendil with kamikaze drones in the Mediterranean, marking the first shadow fleet tanker strike outside the Black Sea. Moscow has claimed Ukraine hit one of its tankers off West Africa, as well.
The world is seemingly at war, with the US-Iran conflict choking the critical maritime Strait of Hormuz. The IRGC has hit numerous oil and gas infrastructure targets in Gulf states and multiple tankers in the narrow waterway.
On Tuesday afternoon, President Trump announced that the US government will provide insurance for "ALL Maritime Trade" through the US Development Finance Corporation and will provide naval escorts in the Strait of Hormuz to ensure the waterway remains open. This will be a huge relief for China .
From the Strait of Hormuz to the Mediterranean, numerous tankers are on fire ...
... as the world seemingly seems to be accelerating toward major conflict.
Tyler Durden
Tue, 03/03/2026 - 20:30 Close
Wed, 04 Mar 2026 01:05:00 +0000 Feds Told New Mexico To Back Off Epstein; Then They Did Nothing...
Feds Told New Mexico To Back Off Epstein; Then They Did Nothing...
Feds Told New Mexico To Back Off Epstein; Then They Did Nothing...
Authored by José Niño via Headline USA ,
In September 2019, federal prosecutors asked New Mexico to shut down its active investigation into Jeffrey Epstein’s desert compound.
The state complied. The feds never held up their end of the deal.
According to a report by The Albuquerque Journal, former New Mexico Attorney General Hector Balderas revealed recently that prosecutors from the Southern District of New York pressured his office to cease its probe into sex trafficking at Epstein’s Zorro Ranch , a 7,500 acre estate south of Santa Fe that Epstein purchased from former Governor Bruce King’s family in 1993.
The stated reason was that parallel investigations could produce conflicting witness statements that defense lawyers might exploit.
In exchange, the feds promised to share their own findings. That promise was never fulfilled.
On September 8, 2019, assistant U.S. Attorney Maurene Comey, the daughter of former FBI Director James Comey, confirmed in an email that Balderas’s office had agreed to halt its work and turn over all materials, per a report by Time .
Epstein had died in federal custody less than a month earlier. By September 17, New Mexico’s Chief Deputy Attorney General Clara Moran had sent police reports, recorded witness testimony, and documents about Epstein’s use of state lands to the SDNY.
By July 2020, having received nothing in return, Balderas sent a letter urging federal prosecutors to seize the ranch through civil forfeiture.
“We believe that this ranch was utilized by Epstein and others to facilitate and conceal the ongoing trafficking of children,” the letter stated. The New York Times reported that he received no response . An internal federal email from December 2019 later confirmed that agents had “not searched the New Mexico property,” as the Times reported.
When the DOJ released over three million pages of Epstein files on January 30, 2026, none of New Mexico’s investigative records appeared among them, according to NPR .
The fallout has been swift. Reuters reported that Attorney General Raúl Torrez reopened the criminal investigation into Zorro Ranch on February 18.
The state House unanimously created a bipartisan truth commission with subpoena power and a budget exceeding $2 million, per a report by the Albuquerque Journal .
U.S. Rep. Melanie Stansbury, who has reviewed unredacted federal files, confirmed that multiple prominent New Mexicans are named in the investigation.
Separately, Reuters New Mexico is now probing allegations from a redacted email claiming two foreign girls who died at the ranch were buried nearby at Epstein’s direction.
Comey, the prosecutor who brokered the original deal, was fired by the Trump DOJ in July 2025 without explanation.
The ranch itself was sold in 2023 to a Texas developer planning to convert it into a Christian retreat.
“The inquiry should have been expanded, not restricted,” Balderas said.
Tyler Durden
Tue, 03/03/2026 - 20:05 Close
Wed, 04 Mar 2026 00:40:00 +0000 CIA Moves To Arm Kurdish Forces To Foment Govt Collapse In Iran: Officials
CIA Moves To Arm Kurdish Forces To Foment Govt Collapse In Iran: Officials
Here are the most critical developments unfolding in the US-Iran conflict:
CIA Moves To Arm Kurdish Forces To Foment Govt Collapse In Iran: Officials
Here are the most critical developments unfolding in the US-Iran conflict:
CIA working to arm Kurdish forces to spark uprising in Iran, sources say : CNN
State Department securing military aircraft, charter flights to get Americans out of Middle East
Iran International is claiming (unverified) Iran's Assembly of Experts chose Mojtaba Khamenei as new Ayatollah under heavy IRGC pressure to ensure hardline continuity and regime stability after his father's death
Drone hits CIA station in Saudi Arabia , also reportedly a consulate in Dubai. WaPo: A suspected Iranian drone attack hit the CIA’s station in Saudi Arabia in what would amount to a significant symbolic victory for the Islamic Republic as it lashes out at U.S. targets and personnel across the Middle East.
IAEA's Grossi says there has been no evidence of Iran building a nuclear bomb ; Iran's large stockpile of near-weapons grade enriched Uranium and refusal to grant IAEA full access are cause for serious concern
Trump Weighs Backing Militias to Dislodge Iran’s Regime. Future insurgency fragmentation and Iraq-style nightmare coming to Iran?
Trump tries to articular war justification : says if we have a little high oil prices, could be for a little while, but they will drop, and could even be below the levels before, but that he 'had to' act or else Iran would have 'used nukes'. Claims Israel didn't force America's hand. Admits leadership vacuum .
US to offer military protection to ships/insurance in the Strait of Hormuz
The Pentagon has released Operation Epic Fury's objectives ; 1- Demilitarization of Iran: destruction of its missile forces, production facilities, and naval fleet 2- Elimination of the terrorist regime 3- Protection of the United States from current and future threats 4- Ensuring that Iran does not possess nuclear weapons
UAE mulling joining US-Israel attack on Iran, and the Saudis too , to stop Iranian missile and drone strikes on their countries.
The American Embassy in Riyadh has been hit in another drone attack , with WSJ reporting it was struck twice Tuesday, resulting in damage to the roof. More embassies across region are shuttering, including the US Embassy in Beirut.
President Trump mulling arming anti-Tehran militias . But he hasn't decided yet while urging Iranians to rise up and be Washington's 'boots on the ground.'
The Israelis just struck the meeting of the Iranian Supreme Council where officials were gathering to choose a new Supreme Leader, a senior Israeli official told Fox News. "Israel struck while they were counting the votes for the appointment of the supreme leader."
US-Israel bombing is expanding inside Iran . Explosions heard in the northwestern cities of Tabriz and Urmia, as the capital no longer the only focus.
Iraq's crude oil output is being significantly curtailed . An update from Iraq specifies a shutdown of 460,000 bpd at West Qurna 2 and a cut of 700,000 bpd at Rumaila, while warning that more than 3 million bpd could be forced offline in the coming days if tanker access remains limited.
Export crude bottlenecks are developing across Iraq . Storage at southern export terminals is nearing critical capacity because tanker traffic in the Strait of Hormuz has been paralyzed. Iraq has also halted most Kurdistan-to-Turkey exports via Ceyhan, leaving only about 50,000 bpd for domestic use.
Iranian retaliation expanded on Tuesday, with Gulf states' energy infrastructure hit by multiple drones . This included a drone strike on Fujairah in the UAE, a key bunkering and crude-loading hub outside the Strait of Hormuz, as well as a drone strike at the Port of Salalah in Oman.
The U.S.-Israeli operation against Iran is intensifying . Strikes are said to be hitting major targets, including state media, military command sites, and leadership compounds, with the reported Iranian death toll rising to 787 since the start of Operation Epic Fury.
The war is spreading into a broader regional conflict . Israel has expanded attacks into Lebanon, including renewed strikes on Beirut and a ground move into the south, while regional actors such as Qatar and possibly Saudi Arabia are portrayed as being drawn more directly into the conflict.
France sending aircraft carrier to Mediterranean, says Macron
* * *
Update(1940ET) : This is moving very fast, and even though the White House claimed there will be no ground war (yet ), Trump is looking for a few good proxies to use to bring down the Islamic Republic.
"The CIA is working to arm Kurdish forces with the aim of fomenting a popular uprising in Iran , multiple people familiar with the plan told CNN," fresh late Tuesday reports say. "The Trump administration has been in active discussions with Iranian opposition groups and Kurdish leaders in Iraq about providing them with military support, the sources said."
Hours ago we published: Trump Floats Backing Anti-Tehran Insurgency As Alternative To US Boots On Ground . What groups would be willing to work with the US against Tehran? It already appears clear that the White House lacks understanding of the internal dynamics of Iran, and has woefully underestimated how things would go after killing the Ayatollah.
Apart from the Kurds , there's also historic Sunni minority populations along the southwest border regions of Iran. This would potentially mean the US once again backing Sunni Al Qaeda insurgents , as it did in Syria. Another top contender, probably already involved in the war via the Mossad and CIA, is the People's Mojahedin Organization of Iran (MEK) - based largely outside of Iran.
On the Kurds, CNN notes :
Iranian Kurdish armed groups have thousands of forces operating along the Iraq-Iran border, primarily in Iraq’s Kurdistan region. Several of the groups have released public statements since the beginning of the war hinting at imminent action and urging Iranian military forces to defect. Iran’s Islamic Revolutionary Guard Corps (IRGC) has been striking Kurdish groups and said on Tuesday that it targeted Kurdish forces with dozens of drones.
This invites possible Turkish cross-border intervention in the north, given Turkey has long warned against any and all Kurdish armed insurgencies.
Update(12:45ET) : To quote Rumsfeld there are many "unknowns" as the Iraq Iran war continues to go regional, but a Tuesday Oval Office press conference saw Trump try and articulate war justifications. A quick summary:
President Trump spoke at the White House alongside visiting German Chancellor Friedrich Merz, declaring the military campaign against Iran a decisive success. “We’re doing very well,” Trump said.
“They have no navy; it’s been knocked out. They have no air force; it’s been knocked out. They have no air detection — that’s been knocked out,” he stated, adding that Iran’s radar systems and “just about everything’s been knocked out.”
Pressed in the Oval Office on why there was no evacuation plan for Americans in the Middle East before Saturday’s strikes, Trump said, “Well, because it happened all very quickly.”
“I thought we were going to have a situation where we were going to be attacked. They were getting ready to attack Israel,” he said.
When asked whether Israel had “forced” his hand, Trump replied, “No, actually, I might have forced their hand.”
Addressing speculation about Iran’s future leadership, Trump referenced Reza Pahlavi. “He seems like a very nice person. But it seems to me that someone from within might be better” to take over, he said.
Trump acknowledged the risks of regime change. “I guess the worst case would be, we do this, and then somebody takes over who’s as bad as the previous person, right?” he said. “That could happen. We don’t want that to happen.”
Defending the timing of the strike, Trump said, “You see, we were having negotiations with these lunatics, and it was my opinion that they were going to attack first. They were going to attack. If we didn’t do it, they were going to attack first. I felt strongly about that .”
And finally: very GW Bush style ...
If we hadn't attacked Iran, it would have already started a nuclear war with many countries, because "they are pure evil and sick in the head" - Trump.
* * *
Update(11:15ET) : American or regional officials have confirmed that the US Embassy in Riyadh has come under drone attack twice on Tuesday resulting in the roof suffering a partial collapse.
Part of the building is engulfed in smoke, with staff said to be sheltering in place. An earlier State Dept statement said: "Embassy Riyadh has been struck by two UAVs that hit the roof and the perimeter of the chancery." The cable added: "Post is sheltering in place and reported no injuries." Initial reports say no casualties, according to a person familiar with the incident. Meanwhile...
Saudi Arabia condemns ‘flagrant’ Iranian drone attack on US Embassy in Riyadh - Al Arabiya English
Scenes from on the ground in Tehran:
* * *
Update(0920ET) : In a massive though not completely unexpected development, Iraq has shut down 460,000 barrels per day of production at the West Qurna 2 field, Iraqi oil officials told Reuters. Officials warned the country will be forced to cut more than 3 million barrels per day within days if oil tankers cannot move freely and access loading terminals, as confirmed in Bloomberg.
On Tuesday, Iraq reduced output at the Rumaila oil field by 700,000 barrels per day . Rumaila is the second-largest oil field in the world, and storage levels at southern export terminals have reached critical capacity due to disruptions and slowdowns in tanker traffic through the Strait of Hormuz, according to local officials.
Importantly, Iraq also halted crude exports from its semi-autonomous Kurdistan region through the key pipeline to Turkey’s port of Ceyhan, according to sources cited by Bloomberg. Roughly 200,000 barrels per day have been shut in as producers cut output amid escalating regional conflict. Only about 50,000 barrels per day are now being produced for domestic use.
Energy infrastructure in northern Kurdistan has faced repeated attacks during prior unrest. And now with major fields throttling output and exports constrained, oil prices are surging .
Targeting Gulf production from across water in Iran....
* * *
Israeli and US forces pressed forward with their assault on Iran, striking targets across the country, including Iran's state broadcaster and central military command centers, as the official death toll has climbed to 787 Iranians killed since the start of the Trump-ordered Operation Epic Fury. The US has sustained at least six troop deaths and several more seriously wounded.
Fears that this could open to a broader multi-front war appear to be coming to reality, as at the same time Israel escalated operations on a second front, intensifying airstrikes on Lebanon and launching a new ground incursion into the south . Beirut is once again under Israeli bombs , after Israel accused Hezbollah of firing rockets on the north. What's more is that Kann News is citing a senior Israeli official as follows: We assess that Saudi Arabia will attack Iran soon after it was attacked yesterday . The war is expanding.
Beirut on fire, via AP
The conflict has continued to spread across the Gulf. Saudi authorities said two drones struck the US Embassy in Riyadh , igniting a small fire and causing minor damage. However, there's been surprisingly little information or video to come out of this major incident.
Qatar has formally joined the war on the US-Israeli side , having already said it took out a pair of Iranian jets. The tiny oil and gas rich GCC country Foreign Ministry stated that "the two Iranian planes shot down by Qatar yesterday were flying toward Doha and were warned before being shot down. Qatar is searching for the pilots ."
Iran has continued its retaliation by targeting energy infrastructure across the Gulf, driving global oil and gas prices sharply higher. As we reported previously, Qatar's state-owned petroleum company suspended all LNG production after two of its facilities were hit.
The status of the vital Strait of Hormuz remains a big unknown , with Iran's Revolutionary Guard Corps (IRGC) announcing that the vital oil transit chokepoint for roughly one-fifth of global oil consumption is now "closed". While the consensus is that after the US blew up all or most of the Iranian Navy's vessels , it doesn't have the maritime power to effect a blockage, the IRGC can certainly wreak havoc through its drone and missile arsenal .
Iran has also continued missile attacks on Israel, with the Israeli military reporting interceptions over West Jerusalem, Tel Aviv, and Eilat. At least 10 people have been killed in Israel since Saturday. Many dozens, possibly in the hundreds, have been injured and wounded. Fox live shots and correspondent on the ground Trey Yingst have been offering proof that Israel's anti-air defenses are routinely being overwhelmed and significant impacts have resulted.
Costly interceptors are also being expended at a high rate across the Gulf, and these countries are urgently appealing for more from Washington, but they will soon be in short supply at this rate. The Wall Street Journal warns as follows :
Persian Gulf nations targeted by Iran have, so far, managed to limit the damage by deploying sophisticated U.S.-made air defenses against the hundreds of drones and missiles that have rained on their cities.
With costly interceptors and radar, all integrated with the U.S. military, the oil-rich Gulf Arab states have fielded some of the most advanced air defenses in the world, despite their small populations and militaries.
A crucial variable in this war , however, is whether these monarchies start running out of interceptors before the Iranian regime runs out of projectiles. At current burn rates, it could be very soon .
Alarmingly, initial White House talking points of a 'limited' campaign of mere days (and based on pre-war comments during the build-up) have now gone out the window as on Monday President Trump and Secretary Rubio indicated the operation could run for roughly four or five weeks . But they also admitted there's a basically open-ended timeline to "do whatever it takes" to eliminate Tehran’s missile and nuclear capabilities, and to destroy the country's missile arsenal.
But then here's what the Trump administration failed to take into account, or perhaps chose to completely ignore. Trita Parsi told The Economist :
"This is not a monarchy in which the shah is gone and you take out all of the male heirs." He explained: "This is a system—not a particularly popular system—but nevertheless one with a security establishment that is not dependent on a single person or a single family ."
Pentagon brass doesn't seem to know what the plan is, how long it will last, or why they're there: "The hours, days, and perhaps weeks ahead will challenge you. There will be noise and confusion ."
There are reports that in the instance of the Ayatollah's death under US-Israeli bombs, which is the first thing that happened Saturday as he was apparently not in hiding, Iran put a strict emergency protocol in place. This reportedly involved plans for the IRGC and various military units across the country to begin acting autonomously within their respective chains of command, so that a state decapitation strike won't disrupt the ongoing retaliation .
That retaliation has already killed at least six US service members stationed at Gulf bases :
The U.S. is facing increasing risks to its military forces and diplomatic presence in the Middle East as Iran is launching waves of missile and drone attacks across the region that are testing its ability to defend a swath of territory.
U.S. Central Command said that six servicemembers had been killed in the three-day-old campaign on Monday. The six died in a drone strike on a base in Kuwait, The Wall Street Journal reported. Separately, three American F-15 jets were downed by apparent friendly fire over Kuwait on Monday, in one of the most significant losses of equipment for the U.S. in the operation.
Bases that house U.S. forces have also come under attack in Iraq, Saudi Arabia and Bahrain .
In at least one instance troops were in a mobile trailer which served as a makeshift command center or office when an Iranian projectile hit.
The White House has meanwhile said it is not at all in diplomatic contact with the Iranians , who may want to impose a deeper cost before even starting a discussion for an offramp - and it's the same with the Gulf states - there doesn't seem to be any top-level contact.
Rubio and Hegseth have kept repeating that "this is not Iraq" and have insisted this is not another Neocon "endless war". They might be right in that what just opened up might prove far worse than the Iraq war . So far there's no US boots on the ground that we know of, but we're already at that admin talking point of 'we haven't ruled it out'. White House leadership has also been surprisingly open as to Israel's role in the US decision to attack Iran .
More latest headlines via Newsquawk:
Israeli defence forces announce that they did not deploy ground troops in Iran, Israeli source report.
The IDF announces that they have struck Iran's leadership compound in Tehran.
IAEA confirms recent damage to entrance buildings of Iran's underground Natanz fuel enrichment plan.
Israel's Home Front announce early warning after detection of rockets fired from Iran toward Israel, Al Jazeera reported.
Israeli Military Spokesperson said it is not likely that Israel will deploy ground forces to Iran as it is not practical.
IDF spokesperson said launches detected from Iran and alerts expected in the northern area from the Golan to northern Sharon.
Iran's military said it targeted the Al Udeid base with missiles.
Iran's IRCG said they targeted the aircraft carrier "Lincoln" with 4 cruise missiles; The aircraft carrier "Lincoln" headed towards the southeastern Indian Ocean , Al Arabiya reported.
Member of Iran’s Assembly of Experts said choosing a successor to Supreme Leader Khamenei “won’t take long”, according to ISNA.
Hezbollah said it targeted the Ramat David Air Base in northern Israel.
US VP Vance said President Trump wants to make sure Iran never had nuclear weapons, adds the US has a lot of capacity in Iran.
US President Trump held a call with Kurdish leaders in Iraq on Sunday to discuss the US-Israel war with Iran and what might come next, according to three sources with knowledge of the called cited by Axios.
US is said to prepare for a 'pickup' of attacks in Iran during the next 24 hours, according to CNN.
Tyler Durden
Tue, 03/03/2026 - 19:40 Close
Wed, 04 Mar 2026 00:40:00 +0000 Los Angeles Superintendent Praised By Gavin Newsom Placed On Leave Following FBI Raid
Los Angeles Superintendent Praised By Gavin Newsom Placed On Leave Following FBI Raid
Los Angeles schools were thrown into chaos after the FBI raided the home and office of embattled Superintendent Alberto Carvalho
Read more.....
Los Angeles Superintendent Praised By Gavin Newsom Placed On Leave Following FBI Raid
Los Angeles schools were thrown into chaos after the FBI raided the home and office of embattled Superintendent Alberto Carvalho in connection with a widening investigation into a $6 million deal between the nation's second-largest school system and an AI startup . Days later, the district’s board put him on paid administrative leave (he makes $440,000 a year).
The F.B.I. raided the home of Alberto M. Carvalho, superintendent of the Los Angeles Unified School District, and the district offices on Wednesday. Credit...Philip Cheung for The New York Times
According to federal officials, the agency executed a series of search warrants which included Carvalho's home - during which they seized Carvalho’s work phone and other devices during Wednesday’s raid, according to district insiders. By Friday, the Board of Education voted unanimously to sideline him. Veteran administrator Andres Chait, the district’s chief of school operations, will step in as interim superintendent.
At the center of the FBI probe is a collapsed ed-tech startup called AllHere, which was given a $6 million LAUSD contract to build an artificial intelligence chatbot named “Ed,” pitched as a revolutionary tool to “democratize education.” Carvalho personally championed the project after arriving in Los Angeles in 2022 , touting it at tech conferences as a game-changing way for students and parents to stay connected.
And of course, the bot was bullshit, and AllHere's founder - Joanna Smith-Griffin, now faces federal fraud charges for allegedly inflating revenues and exaggerating the company’s client base. The criminal case remains unresolved as both sides discuss a possible deal, court records show.
Sources familiar with the investigation say the federal probe appears to have expanded beyond AllHere’s collapse to examine Carvalho’s dealings with Debra Kerr , a consultant who helped connect the startup with school districts. Kerr, a longtime associate of Carvalho dating back to his tenure running Miami-Dade County Public Schools, also had her Florida home searched this week.
District officials insist LAUSD itself does not appear to be a target and say earlier internal reviews found no criminal wrongdoing by Carvalho. But as part of its cooperation with federal authorities, the district has now ordered an additional outside review of contracting decisions made under his leadership.
Carvalho’s paid leave is expected to last at least a month.
From Undocumented Migrant to Immigration Crusader
Carvalho spent 13 years leading Miami-Dade schools, and has been an outspoken advocate for immigrant students, frequently recounting his own story as an undocumented immigrant from Portugal who later became a U.S. citizen.
He's also had his own rough patches. In 2008, leaked emails suggested an inappropriate relationship with a reporter covering Miami schools - which he denied, though he acknowledged the emails themselves were inappropriate.
In 2018, he famously accepted the top job running New York City’s massive school system - only to dramatically reverse course on live television and remain in Florida.
And of course, California governor Gavin Newsom loves him...
And in Los Angeles, he has faced criticism from multiple fronts. Within a year of his arrival, he dismantled programs championed by his predecessor, Austin Beutner . Last year, Beutner and several students sued the district, alleging more than $76 million in art and music education funds had been misused .
Tyler Durden
Tue, 03/03/2026 - 19:40 Close
Wed, 04 Mar 2026 00:15:00 +0000 Hormuz Freeze Sends Brent-Dubai Spread to Multi-Year High
Hormuz Freeze Sends Brent-Dubai Spread to Multi-Year High
Hormuz Freeze Sends Brent-Dubai Spread to Multi-Year High
By Julianne Geiger of OilPrice ,
Brent’s premium to the Middle East’s Dubai benchmark has blown out to its widest level since 2022, confirmation that the global oil market is squarely trading on disruption.
As of Tuesday morning, Brent was trading around $83–$84 per barrel , up more than 7% on the day, while Dubai crude sat near $68, barely moving. The spread between Brent futures and Dubai swaps — known as the Exchange of Futures for Swaps (EFS) — surged above $6 per barrel, compared to less than $2 just last week before the Iran conflict erupted. It is the widest gap in years, according to a Bloomberg analysis.
Brent is the global pricing reference used for much of the world’s seaborne oil trade, while Dubai serves as the key marker for Middle Eastern crude flowing into Asia. When Brent trades at a large premium to Dubai, it signals tightness and risk in Atlantic Basin barrels relative to Gulf-linked supply.
The futures market, where traders buy and sell contracts for oil delivered at a future date, is reacting to risk in real time, pricing in potential shortages, often before physical flows are visibly curtailed.
The catalyst is easily identifiable. Tanker traffic through the Strait of Hormuz has effectively frozen amid Iran’s threats and ongoing military action. Even if the Strait is not formally “closed,” no shipper wants to test how many teeth Iran has to make good on their threats. With crude from the Gulf stranded and freight rates spiking as available tankers thin out, trading in Middle East benchmarks has become patchy and uncertain.
Brent, meanwhile, is absorbing the geopolitical premium.
This widening gap matters. If the Strait remains inactive for weeks rather than days, upstream shut-ins in the region become increasingly likely. Analysts warn that beyond roughly three weeks of disruption, producers may have no choice but to curb output.
The market is debating how long the supply risk will last, and whether $100 oil is a floor rather than a ceiling if Hormuz does not normalize.
Tyler Durden
Tue, 03/03/2026 - 19:15 Close
Tue, 03 Mar 2026 23:50:00 +0000 New Jersey Faces Structural Deficit Crisis And Democrats Blame Trump
New Jersey Faces Structural Deficit Crisis And Democrats Blame Trump
When all else fails, blame Trump. It might be the only political strategy the Democrats have left but it doesn't work for everything.
N
Read more.....
New Jersey Faces Structural Deficit Crisis And Democrats Blame Trump
When all else fails, blame Trump. It might be the only political strategy the Democrats have left but it doesn't work for everything.
New Jersey Governor Mikie Sherrill, who took office this year, warns that the state faces a serious structural deficit (spending exceeding revenues annually) of roughly $3 billion, despite a projected surplus of $7.2 billion by the end of 2026. The notice comes as she prepares to unveil her first state budget on March 10th.
Shockingly, Sherrill admits that Covid relief funds are drying up and that the stimulus helped to paper over the many budgetary problems within NJ (this is something alternative economists have been asserting for years). However, she immediately launched into an attack on the Trump Administration, blaming federal cuts for the state's incoming fiscal crisis.
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New Jersey's extreme deficit earns them a membership in an exclusive club of states, all of them run by Democrat governors. California, New York, Illinois, Pennsylvania and Maryland all have deficits of $3 billion or more (California and New York are running deficits above $30 billion). It would seem there is a discernible pattern here, and it has nothing to do with Trump.
New Jersey's total state government debt was roughly $213 billion as of late 2025, ranking among the highest in the nation.
Furthermore, in August 2023 the New Jersey Policy Perspective (NJPP) think tank issued an analysis cited "red flags" in the FY 2024 budget, including a structural deficit estimated at $1.5 billion for that year. They warned of a looming crisis with revenues projected to fall short by $3-4 billion annually in coming years if trends continued, citing declining year-over-year revenues in many states (including NJ) and unsustainable spending growth.
Phil Murphy, a Democrat, was governor on NJ in 2023. Republicans accused him in 2025 of trying to hide the budget crisis and they threatened to report him to the SEC . Sen. Declan O'Scanlon (R-Monmouth) reviewed financial disclosures from the New Jersey Department of the Treasury. What he found was a series of "grossly misleading" data shared with Wall Street credit rating agencies and the public.
In other words, Democrats knew well before Trump returned to office that they were facing a fiscal shortfall and they relied on covid funds and rigged numbers to kick the can down the road. Sherrill is carrying out a pre-planned agenda to dump these Biden era economic dysfunctions at Donald Trump's feet.
“Washington isn’t coming to save us. Trump is only making things worse,” said Sherrill. “We have to stand up on our own two feet and make some tough choices. But that’s fine. I’ve been doing hard things for most of my life – and that’s what I was elected to do..."
Sherrill pledged not to raise taxes, instead directing departments to identify savings. She warned that failure to act could trigger credit downgrades, school funding cuts and other painful consequences under the state’s balanced budget requirement. However, blue states inevitably revert to higher taxes on the middle class (as we are seeing under Mamdani in NYC), because Democrats rely on government handouts and subsidized programs as a way to buy votes.
It is likely that New Jersey residents and businesses will be slapped with high taxes within the next year.
Tyler Durden
Tue, 03/03/2026 - 18:50 Close
Tue, 03 Mar 2026 23:25:00 +0000 US Arranging Charter, Military Flights For Americans In The Middle East
US Arranging Charter, Military Flights For Americans In The Middle East
US Arranging Charter, Military Flights For Americans In The Middle East
Authored by Savannah Hulsey Pointer via The Epoch Times,
The U.S. State Department is looking to help Americans in the Middle East find a way home.
The State Department said on March 3 it is working to charter aircraft to fly Americans home following the start of the U.S.–Israel military strikes on Iran.
“The State Department is actively securing military aircraft and charter flights for American citizens who wish to leave the Middle East,” said Dylan Johnson, assistant secretary of state for global public affairs.
The Middle East war has caused major disruption in commercial air travel in the region.
White House press secretary Karoline Leavitt said the State Department “is actively working on plans to help Americans in the Middle East return home.”
She said U.S. citizens in the region should register at step.state.gov .
Secretary of State Marco Rubio said in a March 3 presser that to date, 9,000 Americans have been able to leave the Middle East since the start of the war with Iran.
According to the diplomat, more U.S. citizens are still attempting to leave the area, and in addition to military and charter flights, the government is working to secure expanded commercial flight options to facilitate the repatriation.
“Here’s the message I want to deliver [to] Americans who are in the Middle East and in need of assistance,” Rubio said. “We need to know where you are. We need to have contact information for Americans that need assistance. They have to register with us, because as these options begin to open up, and as they open up, we have to be able to call you.”
Johnson said the department has been in touch with almost 3,000 Americans seeking information on how to leave the area.
Nearly 500 of those inquiries came from Americans in Israel alone. Thus far, the Department of State has helped about 130 of those citizens leave the country, and 100 more are expected to leave on March 3.
Additional resources and departure options for Americans abroad can be found by calling 1-202-501-4444.
While many nations are moving citizens away from the Middle East, Israel is preparing ways to bring its citizens home who are stranded abroad.
The country will reopen Ben-Gurion Airport for limited incoming flights early on March 5, according to Israeli Transportation Minister Miri Regev.
Ben-Gurion is Israel’s primary international airport, located a few miles southeast of Tel Aviv. Israel’s airspace has been closed for days, since the U.S.–Israeli war on Iran began.
According to Regev, one passenger flight will be allowed to enter per hour, for the first 24 hours. This will bring in about 5,000 individuals looking to return to the Middle East nation. More flights could be allowed in later, depending on security issues.
There will be no commercial departures from the airport, and it is unclear whether anyone other than Israelis will be permitted on the incoming flights.
British Foreign Secretary Yvette Cooper announced to the House of Commons on March 3 that their government is working to increase the capacity of flights from Muscat, Oman, to bring home British citizens.
British Airways said in a statement that it is still unable to operate flights from several Middle East destinations, including Abu Dhabi, Amman, Doha, Dubai, and Tel Aviv.
Cooper said 130,000 Britons have registered their presence in the Middle East.
“We ?are also working with airlines on increasing ?capacity ?out of Muscat for British nationals, with priority for vulnerable nationals,” Cooper told parliamentarians.
“A government ?charter flight ?will ?fly from Muscat in the coming days, ?prioritising vulnerable nationals, but ?British ?nationals in Oman must wait to be contacted by the ?foreign ?office regarding these ?options.”
Tyler Durden
Tue, 03/03/2026 - 18:25 Close
Tue, 03 Mar 2026 22:44:49 +0000 "Account Temporarily Unavailable": Facebook Outages Reported In U.S.
"Account Temporarily Unavailable": Facebook Outages Reported In U.S.
Facebook appears to be suffering widespread outages, as login attempts on the social media site produce the error: "Account Temporarily Unavailable Read more.....
"Account Temporarily Unavailable": Facebook Outages Reported In U.S.
Facebook appears to be suffering widespread outages, as login attempts on the social media site produce the error: "Account Temporarily Unavailable ."
The full error reads: "Account Temporarily Unavailable. Your account is currently unavailable due to a site issue. We expect this to be resolved shortly. Please try again in a few minutes ."
Users on the website-tracking site Downdetector started reporting Facebook outages shortly after 1600 ET.
Outage map:
Besides Facebook, Downdetector users report TikTok, Bluesky, Instagram, and Facebook Messenger are also experiencing outages or disruptions.
*Developing...
Tyler Durden
Tue, 03/03/2026 - 17:44 Close
Tue, 03 Mar 2026 22:40:00 +0000 Behind America's New Industrial Revolution
Behind America's New Industrial Revolution
Behind America's New Industrial Revolution
Authored by Emel Akan via The Epoch Times (emphasis ours),
The U.S. economy grew faster than many predicted over the past year, outpacing other advanced economies, especially in Europe, where growth has nearly stalled.
The manufacturing facilities of the Independent Can Company in Belcamp, Md., on June 25, 2025. Ryan Collerd/AFP via Getty Images
Analysts say President Donald Trump’s pro-growth policies, combined with a surge in investment in artificial intelligence, have further strengthened the country’s economic momentum.
The United States is “at the doorstep of a new industrial revolution,” said Stoyan Panayotov, a financial adviser and founder of Babylon Wealth Management.
He said the country’s strong capital base, skilled workforce, and shareholder-friendly environment make it more attractive to investors than other markets.
Recently, S&P 500 companies have reported earnings that beat market expectations. More than 70 percent of companies recorded positive earnings surprises in the fourth quarter of 2025, according to FactSet data.
On Feb. 6, the Dow Jones Industrial Average surpassed 50,000 for the first time—after the S&P hit 7,000 on Jan. 28.
During his State of the Union address on Feb. 24, Trump credited these milestones to his economic policies, particularly tariffs.
In a Truth Social post on Feb. 6, the president also made a bold prediction: “I am predicting 100,000 on the Dow by the end of my term. Remember, Trump was right about everything!”
Strong corporate earnings, technological innovation, and a positive economic outlook all have contributed to the U.S. stock market’s appeal.
Despite the recent market volatility, entrepreneur and investor Kevin O’Leary believes the United States remains the “most trusted” investment hub for global investors.
Traders work on the floor of the New York Stock Exchange during morning trading in New York City on Feb. 24, 2026. Strong corporate earnings, technological innovation, and a positive economic outlook have contributed to the US stock market’s appeal. Michael M. Santiago/Getty Images
“You’ve got to realize, 52 cents of every dollar created on earth is invested in the American stock market,” O’Leary told The Epoch Times on Jan. 28 during a summit about “Trump Accounts” for newborns.
“It’s the most liquid and most successful economy on earth, ” the “Shark Tank” star said. “It provides consistent returns.”
On Independence Day last year, Trump signed the One Big Beautiful Bill Act into law, which included pro-business measures aimed at boosting capital spending and encouraging the onshoring of factories.
Among its provisions was the permanent restoration of 100 percent bonus depreciation for qualified assets. The policy allows businesses to immediately deduct the full cost of new factories, factory improvements, capital investments such as machinery and equipment, and software, as well as domestic research and development. Many companies are leveraging bonus depreciation to reduce tax liability and reinvest in growth.
The manufacturing footprint is expanding, and the AI boom is increasing demand for energy, data centers, and commodities. Despite concerns about an AI bubble, U.S. technology giants Alphabet, Amazon, Meta, and Microsoft plan to invest collectively about $650 billion in 2026, mainly to expand their AI infrastructure.
These trends are driving renewed investor optimism, according to Panayotov.
A technician works at an Amazon Web Services AI data center in New Carlisle, Ind., on Oct. 2, 2025. The United States has outpaced many advanced economies in growth and productivity over the past year, with some analysts describing the momentum as the start of a new industrial revolution. Noah Berger/Getty Images via Amazon Web Services
Growing Productivity Gap
Recent data show U.S. businesses are also becoming more efficient, with nonfarm productivity jumping by 4.9 percent in the third quarter of last year. Productivity measures how efficiently companies produce goods and services using given input such as labor and capital.
While U.S. productivity has increased rapidly since 2019, productivity growth in the UK and eurozone has remained mostly stagnant, according to data from the Organisation for Economic Co-operation and Development. The growing productivity gap between the United States and Europe is largely explained by the tech sector.
Economists note that most innovation over the past few decades has occurred in the United States, while Europe has lagged behind, primarily because of excessive regulation.
“The EU is weak in the emerging technologies that will drive future growth,” a 2024 report by the European Commission stated. “Only four of the world’s top 50 tech companies are European.”
The outlook also appears favorable for the United States. A recent Financial Times survey found that more than three-quarters of economists expect the United States to keep or increase its productivity lead over other countries. They point to AI, strong capital markets, and lower energy costs as the main reasons.
“Productivity growth is good for everyone and keeps inflation at bay,” Nancy Tengler, CEO of Laffer Tengler Investments, said in a recent note to clients.
European leaders take part in a meeting as they attend the Informal EU Leaders’ Retreat in Alden Biesen, Belgium, on Feb. 12, 2026. While US productivity has increased rapidly since 2019, productivity growth in the UK and eurozone has remained mostly stagnant, recent data shows. Ludovic Marin/AFP via Getty Images
Cutting Red Tape
Reducing regulatory barriers is central to the Trump administration’s economic agenda. The administration aims to lower business compliance costs, thus allowing companies to reinvest capital, increase productivity, and create more jobs.
According to economist Daniel Lacalle , a contributor to The Epoch Times, deregulation has been a key driver of the U.S. economy’s strong performance in recent quarters relative to other advanced economies.
In his view, deregulation alongside lower taxes has delivered an “immediate boost to production, economic growth, and private investment.”
U.S. manufacturing activity expanded in January for the first time in 12 months. Typically, developed countries experience growth in services while manufacturing remains stagnant, Lacalle told The Epoch Times.
The United States is the only major economy implementing reforms, such as deregulation, tax cuts, and tariffs, to encourage manufacturing and investment, he said.
US Vice President JD Vance (3rd L) tours Hatch Stamping in Howell, Mich., on Sept. 17, 2025. US manufacturing activity expanded in January for the first time in 12 months. Jeff Kowalsky/AFP via Getty Images
Since returning to office, Trump has rolled back regulations across sectors including finance, energy, and technology.
In December 2025, the White House Office of Management and Budget announced that federal agencies eliminated 646 regulations while introducing only five new ones in fiscal year 2025. That amounts to 129 regulations removed for every new one issued, far exceeding the 10-to-one goal set by the president. The White House estimates that these efforts have generated $212 billion in savings, or more than $600 per American.
“Deregulation is unleashing innovation in every sector ,” Cathie Wood, founder and CEO of Ark Invest, said in her 2026 outlook report.
More recently, Trump announced the repeal of an Obama-era rule that imposed greenhouse gas emissions restrictions on U.S. industries. The White House described the move as “the largest deregulatory action in American history,” estimating that it will save the American people $1.3 trillion.
The change is expected to benefit the fossil fuel and automotive sectors as well as energy-intensive manufacturers and power plants.
Read the rest here...
Tyler Durden
Tue, 03/03/2026 - 17:40 Close
Tue, 03 Mar 2026 22:20:00 +0000 Bill Pervs Out Over Epstein Memories, Hillary Goes Berserk, And They Both Lied: Top Viral Moments From Clinton Depositions
Bill Pervs Out Over Epstein Memories, Hillary Goes Berserk, And They Both Lied: Top Viral Moments From Clinton Depositions
The House Oversight Committee dropped more than nine hours of raw video from Read more.....
Bill Pervs Out Over Epstein Memories, Hillary Goes Berserk, And They Both Lied: Top Viral Moments From Clinton Depositions
The House Oversight Committee dropped more than nine hours of raw video from Bill and Hillary Clinton’s closed-door Epstein depositions on Monday, where the pair were questioned over their longstanding relationship with Jeffrey Epstein.
Here are a few of the most memorable moments:
1. Bill Clinton Smirks While Flipping Through Epstein Photos ; The #1 clip on the entire internet: Bill casually thumbs through old pictures with Jeffrey Epstein, nodding and smiling - until his lawyer lunges in and yanks them away.
2. Bill Explains the Hot Tub Photo from the Epstein Files ; Lawmakers press Clinton on a specific photo of him in a hot tub with Epstein associates. His awkward answers and body language have everyone talking.
3. Bill Says He Felt “Closer” to Ghislaine Maxwell Than Epstein Because She Was 'good friends with Evelyn Rothschild and his wife, Lynn.'
4. Hillary’s Full “I’m Done” Table-Pounding Meltdown ; After learning Rep. Lauren Boebert leaked a photo of her testimony, Hillary explodes, pounds the table, screams “I’m done with this!” and storms out threatening contempt.
5. Hillary Goes Berserk and Slams the Table at Rep. Nancy Mace; Hillary loses it during a heated exchange with Nancy Mace over an Epstein invite to a private 2016 fundraiser. Repeated table-slamming and yelling ensues.
6. Hillary Triggered by Pizzagate Questions ; Rep. Lauren Boebert asks Hillary straight-up about Comet Ping Pong, Podesta emails, and the “Life Insurance” file on Weiner’s laptop. Hillary and her lawyers immediately go off the record and freak out.
7. Bill Clinton Emphatically Denies Ever Visiting Epstein’s Island; Pressed on Virginia Giuffre’s claims and diary references, Bill declares under oath: “I have never been on his island. Period.”
8. Bill says he has "no information" that Trump "did anything wrong:
Full depositions:
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Tyler Durden
Tue, 03/03/2026 - 17:20 Close