We Haven’t Shuffled Off This Mortal Oil

With 50,000 American troops in the Middle East and a threat of a ground war, even Trump doesn’t know what to believe about what Trump is saying. “President Trump zigzagged from claims of diplomatic progress to renewed threats of destruction on Monday, sending new shocks through oil markets as he sought to pressure Iran to make a deal to end the monthlong war.” Here’s the latest from the NYT.

+ “Australian farmers are planting less wheat. South Koreans were urged to take shorter showers. Russia is getting a little richer. Thailand’s premier wore short-sleeved shirts to work and urged others to do the same.” How the Iran War Has Rippled Across the World. One thing we’re seeing is reduced consumption. But a bigger thing we’re seeing is the burning of more coal. This Is What Happens When the Gas Runs Out. So this must be good for the EV industry, right? Well, not so fast. “The aluminum that gives electric vehicles their range is now stuck behind the same choke point as the oil they were built to replace.”

+ Meanwhile, oil is up again on the entrance into the war by “the Houthis, an Iran-backed proxy militia based in Yemen, threatening safety in the Bab el-Mandeb Strait between Yemen and Djibouti.”

+ And here’s a twist: Ukraine Finalizes Air Defense Deals With Gulf Nations Amid War in Mideast. “In the Mideast conflict, Ukraine has sought to shift its image from a recipient of military aid to a supplier. It sees an opening to export its low-cost, innovative designs created during the war with Russia to compensate for shortages of weapons and ammunition. Ukraine’s military often relies on consumer technologies such as virtual-reality goggles for gamers and off-the-shelf drone components.”