We know what’s coming and we are prepared.
Prime Minister Netanyahu at the beginning of the cabinet meeting:
I greatly appreciate the support of President Biden and the American administration for Israel. Since the beginning of the war, the US has given us support in spirit and material - with means of defense and means of attack.
But about four months ago, there was a dramatic drop in the supply of armaments arriving from the US to Israel. For weeks we asked our American friends to speed up the shipments. We did it time and time again. We did it at the highest levels, and at all levels, and I want to emphasize - we did it in private rooms. We got all kinds of explanations, but one thing we didn't get: the basic situation didn't change. Certain items arrived in trickles, but the great mass of armaments remained behind.*
After months of the lack of change in this situation, I decided to give it a public expression. I did this out of years of experience, and knowing that this step is essential to extracting the traffic jam. I expected that this would involve personal attacks against me from home and abroad, as happened when I opposed the nuclear deal with Iran, as happened and continues to happen when I repeatedly opposed the establishment of a Palestinian terrorist state, and as is happening now when I oppose ending the war while leaving Hamas intact. But I am ready to suffer personal attacks for the sake of Israel's security.
As Prime Minister of Israel, my role is to do everything to ensure that our heroic fighters have the best means of combat.
In light of what I have heard in the past day, I hope and believe that this issue will be resolved in the near future. But I would like to emphasize, and I have also said this to our American friends - We have one measure and it has always tipped the scales: the bravery and determination of our fighters - and with this weapon we We will win."
🪖 🇺🇸 👨💻 Selective Service System wants to wargame the draft
Fearing that its new plans for the U.S. military draft pool won’t work, the Selective Service System wants to create a computer simulation to test scenarios for its national mobilization.
Since 1940, men within a designated age range have been required to register with the Selective Service. But under a proposed rule, men aged 18 to 26 will be automatically registered starting Dec. 19, 2026. The Selective Service System will work off data contained in other federal databases.
The computer simulation will explore multiple areas. These include evaluating staffing and resource requirements, comparing mobilization and police scenarios and assessing the operational impact of surge conditions. In addition, the system will “identify throughput risks, delays, and bottlenecks” and support executive planning and reporting obligations.
...
🛢 This oil crisis is now considerably more dangerous than it was back in March while market sentiment remains complacent.
• Strait of Hormuz closed again, with less dark fleet shuttling than ten days ago;
• Iranian crude exports effectively blockaded;
• Bab el Mandeb has become a new front in the Iran-US conflict, removing additional Saudi barrels;
• Less diplomatic room for manoeuvre than before the MoU;
• Kazakh crude exports via CPC terminal halted following Ukraine’s vessel strike campaign in the Black Sea;
• 1.5mbpd of Russian product exports missing, with significant duration due to recurring Ukraine drone strikes;
• Global crude inventories 1.5bn barrels lower than on 28 Feb;
• US product inventories remain lowish while its refinery system is maxed out;
• Brent back to a US$6 front-month backwardation.
We are rapidly moving from a products crisis - which is here to stay - back into a crude and product crisis.
Expect fresh announcements of SPR releases.
🔗 Alexander Stahel
🌆 Market News Digest
[Jul 24, 2026, 07:00–16:00 EST]
🔥 Top Stories
• Middle East escalation risks spike — reports of strikes/explosions across Iran, Saudi, Kuwait, Yemen; tanker attacks and Hormuz-Bab el-Mandeb tensions lifted oil volatility and safe-haven flows.
• Trump weighs Iran options, pushes trade pressure — said he’s speaking with Iran, hasn’t decided on strikes, while also threatening major EU tariffs/301 probe and fresh Canada/Mexico tariffs.
• US growth data stays firm — flash PMIs beat estimates and June new-home sales topped forecasts, keeping recession fears in check.
• US stocks mixed at the close — Dow outperformed, Nasdaq lagged as AI/mega-cap weakness and geopolitics pressured tech.
⛽ Oil & Energy
• Crude swung lower despite conflict headlines — WTI settled at $89.31, Brent at $96.78 after missile/tanker reports, with renewed Red Sea/Hormuz risk.
• Tanker reroutes and strikes — TORM re-routed via Suez/southern Africa; reports also pointed to damage on a Saudi ...
