The Crude oil prices dropped yesterday once the market opened. Iran this morning, however, launched dozens of missiles to attack two US military bases in Iraq and stated that it would escalate the attack in the next wave.
President Donald Trump recently tweeted to announce that he would have a press conference on the attack tonight (Thailand time).
Meanwhile, Mrs. Nancy Pelosi, Speaker of the United States House of Representatives, urged the US government to end the violence and take legal measures to limit the President Trump’s military action in Iran.
API reported that US commercial crude oil reserves for the week ended January dropped by 559 MMB to stand at 205.9 MMB. The WoW was at 430 MMB, representing a decrease of 3.6 MMB lower than analysts’ expectation.
During this period, monitoring the countries with roles in the Middle East is suggested; for instance, the Russian President Putin’s urgent trip to Syria on January 7 to discuss security issues. This is because Russia's land and air forces in Syria are the main forces to protect the Syrian government. If the US is forced to withdraw from Iraq, it will allow Russia to rise to fill the power vacuum and join forces with Iran, Syria and Lebanon to be a super power in the Middle East.
