Keep pulling the thread on United States.
The Strait of Hormuz remains closed due to the ongoing conflict between the United States and Iran.
China has reduced its oil imports by approximately 40% compared to the previous year, equivalent to about 4 million barrels per day, reaching a 10-year low.
The United States, Canada, European nations, and Japan released oil from their strategic petroleum reserves within two weeks of the conflict's start.
Javier Blas predicts that the United States and Iran will reach a diplomatic agreement to resolve the current conflict before the end of June.
The A24-distributed film "Backrooms" earned over $80 million in its opening weekend, more than doubling the studio's previous opening weekend record of under $30 million.
Javier Blas speculates there may be an undisclosed agreement between the Communist Party of China and the White House regarding China's recent reduction in oil imports.
Approximately 100 days into the US-Iran conflict, oil prices are trading below $100 per barrel.
Retail gasoline prices in the United States are currently well above $4 per gallon as a result of the ongoing conflict in the Middle East.
Javier Blas estimates that if China had not reduced its oil imports, US gasoline prices would likely have risen above $5 a gallon.
If US gasoline prices were to rise above $5 a gallon, the Federal Reserve would face significant pressure to increase interest rates.
Some oil market participants believe China's reduction in oil imports is a strategic move to provide political support to the Trump administration.
Reports from Iran indicate a deteriorating domestic economy with rising unemployment, skyrocketing food inflation, and increasing general inflation.