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00:00Before we talk about the moves in oil prices, lots of attention about this truth social post that President Trump put up saying that essentially he's greenlighting China to keep buying Iranian oil. How should we read that? The White House came out yesterday to say that this doesn't mean that they're waiving sanctions, but still pretty notable. Yeah, I mean, you'll be shocked to hear, we don't know for a change. And look, the headline on all stories today uses the word baffled. And I think that is the key word here, because it certainly took Treasury and state officials by surprise. It took the oil traders by surprise. I think it took all of us by surprise. And we're just trying to pass out what it is, what it actually means. Now, the interpretation from the White House initially is, yes, he kept Hormuz open or at least removed the threat of it being closed. That allows the oil to flow. Others are perhaps interpreting it as maybe there is going to be a significant change here. You know, it is leverage in terms of his talks with China over tariffs, its leverage with Iran over the continued ceasefire. So maybe there is a change coming anyway. Basically, we're going to find out leverage being sanctions relief at this point. Yeah, yeah, yeah. Okay. Oil prices, quite the volatility the last couple of weeks. We're back to where we were. Essentially, what are we looking out for in the coming weeks? So I think now attention turns back to global demand, you know, and the supply on the market. So OPEC or the OPEC plus, I should say, continues to add more and more barrels. At the same time, I think there are deep concerns about what demand will look like going forward. I don't think anyone's suggesting it's falling off a cliff, but you're getting imbalance in the market. And I think particularly the last couple of weeks has kind of masked that trend. Yeah, that trend is now firmly intact and we go forward from there. Yeah, and many analysts talking about the potential for a big supply glut once summer demand is out of the way. So I guess we'll just go back to focusing on the fundamentals again.

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Trump Says China Can Keep Purchasing Oil From Iran