'FOOLISH VIOLATION': Trump SLAMS Iran after cargo ship drone strike

So let's talk about Iran striking a Singapore flagged cargo ship in the Strait of Hormuz testing the delicate peace in the Persian Gulf. Oil prices as you can see right now holding steady still at 69 on WTI. This is despite President Trump calling the drone attack a foolish violation of the ceasefire. He says America still remains in the driver's seat. Knock the hell out of them And now we're negotiating from a position of pure strength, pure strength. They know that and the straights already open and we're setting records of the straight. But we had to do that. They will not have a nuclear weapon. And they've agreed to that 100 percent agree to that. Lauren Simonetti joins us now with more. Hey, Lauren. Hey, Taylor. Hi, everybody. So despite the attack, ships and oil are still flowing through the straight 29 ships so far today. Fifty four yesterday. More of them are using the Omani and the International Maritime Organization's routes. That is not sitting well with Iran. The IRGC wants to control the straight and ships to coordinate with them to use it. Listen to these warnings Iran sent to ships trying to transit. They were given to me by a ship owner received two days ago when Oman and the IMO announced new temporary corridors in the straight. Listen to this. You are approaching the straight of Oman. You are ordered to leave this area immediately. You must alter course right now and go to the north of Ladakh Island. You are in range of my missile and maybe fire on you. Over. The verbal warning escalated yesterday. The IRGC hit a general says the ship did not travel under the evacuation framework that it established. Listen, majority of the vessels are reporting either to the coordinates that we have provided that are being operated by Oman or there's are responding or contacting the authorities in Iran in order to use the northern corridor. This particular basis, what I can confirm to you is that it was not contacting the authorities in Oman in order to transit following the evacuation framework. Guys, who's in charge? Just a short time ago, and you noted this Taylor at the top, President Trump referenced at least four drone attacks in the straight, saying the U.S. knocked down three of them, and he called it a, quote, foolish violation of our ceasefire agreement. But there was nothing about a response or a warning to Iran. If you do this again, here we are. Oil is at sixty nine. It was at sixty eight earlier. The reason is you still got vessels going both ways, using all the different routes, including the dark route in the Strait of Hormuz. So you got activity buzzing again. We're not back to normal, but despite all these provocations, oil is flowing us. Really, really good reporting there and soundbites, Lauren. Appreciate it. Thank you. It's amazing. OK, Marcus, two issues. I think Brian had said it last Friday, which is the time is on our side. The longer time goes on, the more people can figure out how to travel alternatively, alternatively. And that's obviously upsetting Iran. I think the second issue is the administration has to recognize where inflation is and foolish may be a word and action may send oil up, may send inflation up, may send rates up. And then the economy starts to look very different, very fast. However, as I listen and I agree with you on all of that, and I do think the president is watching it closely, especially the deeper we get into the summer, your midterms are right around the corner. So he does care. But listening to Lauren's report and hearing the audio of the IRGC telling ships to turn around and saying, I'm my missile on you. I mean, I'm like laughing because I don't know what else to do. It's like nervous laughing. This is why I feel like a regime change has to come out of this somehow, because as long as you have people like that in that country still in charge, this is a very dangerous situation. I understand we deescalated on the nuclear side of it, and I hope that we get the inspections and I hope they don't continue on with their program, which, you know, I think they've severely even if they want to, they've been dethrottled in a way. But with people like this in charge, the region is still at threat of terror. Yes. Chris Wright, energy secretary, said something on Wednesday that I am continuing to think about now. He said as a New York City conference, Iran will not have the ability to close the Strait of Hormuz going forward. That's their key leverage. And we're taking that leverage away from them. OK, now, I don't exactly know what that means. I don't know if that means some new military thing happening that we haven't done before. I don't know. I don't know what that means. And he has said things about the Strait in the past that have not been true at least once. We talked about it on this show. He said ships were moving. They were OK. That may have been a mistake. But I am I am paying attention to that statement, because if it's true and if he's saying it out of full knowledge of what's going on, what it means is that we've we have a very different posture on the Strait now than we did a month ago or two months ago. And he's saying it doesn't matter if Iran sends these drones. We don't need to militarily strike them. And even if we did, it doesn't matter because we we now Iran will not have the ability to close the Strait of Hormuz going forward. That's very definitive. What if that is true? What if the Strait is open and so oil prices stay down, but now you've got still leaders like this in charge, still part of the old regime and the old guard, and they decide, well, now you took our power out of the Strait. So we are going to ratchet up with Hezbollah and we're going to ratchet up with the Houthis and we're going to cause all kinds of trouble in the region. And, oh, you have alternative shipping routes. We're going to cause trouble in those routes. Now what? Well, I'll answer that. I think what it means is the war becomes hot again. But a hot war doesn't mean oil prices at one hundred and twenty dollars a barrel. Our, you know, regime change is not necessarily our interest as much as I'd like to. I get it. No, I know. So, I mean, if you have the Strait and they want to do hot war stuff, we'll do that with them and we'll beat them at that. And we will not feel the pain of it like we have the past. Now, that's maybe a rosy scenario, but I'm just saying the energy secretary came out definitively and said that bargaining chip has changed going forward. If that's true, that's really big. What was the high water mark during the real part of the war? What was the high water mark on oil? One what? Gosh, Bren was closing in on one twenties, I thought. So it could get back to one twenty. It could. Now it's a straight closes. But I mean, what he's saying is that's not we're not a lot. That's not going to happen. He's saying that's not going to happen. I don't know if that's true. I'm just saying the energy secretary says going forward, they cannot do what they've done in the last two months. When we talk about the dramatic swings from Tuesday to Friday, the cost of hauling two million barrels of crude from Saudi Arabia to China fell from five hundred and fourteen thousand dollars to two hundred and eighty seven thousand. That is a plunge of forty four percent. The logistics costs. Can I. So they're saying price we're bringing prices down because there's more supply and we're moving and tankers are going through that to me, I think is a good sign that they're I don't I don't want to say, I mean, despite what Iran is saying, maybe they're saying like, no, we're not listening to you. We're not running around. Just real quick, I just looked it up because I wanted to be accurate. One hundred and twenty six and change was the peak for Brent at the end of April during this conflict. So to your question, pretty high. Yeah. Dagan, your thoughts. Well, you mentioned Saudi Arabia. It's important to know, following Javier Blas, that Saudi Arabia has been loading multiple supertankers in the Persian Gulf just in the last few days with clearly the intent of sending those through the Strait of Hormuz for supertankers being loaded all at the same time. And so each these are, I believe, all the LCCs, so very large crude carriers, each carrying roughly two million barrels of crude oil. Two started loading yesterday at Jumeirah with their AIS visible, a third waiting nearby. And then today, two others loading at Ras Tanura Sea Islands. That is the world's largest oil terminal. One has the AIS on, the other is dark. So those are all of it. The reason I have said this, and I know I'm repeating myself, but the reason that this pause happened is to get the oil flowing and to restock global inventories, period, because they were low enough that there were there was going to be a massive price spike in crude and distillates to destroy demand, to curb demand. And maybe 60 days from now, our posture changes when we have rebuilt stocks, when enough oil has flowed through the Strait. Maybe. The inflation is a problem. And so we think about the barrel, the boat, the basket, the balance sheet, that stuff's flowing. And you took that 50 percent reduction in that supply chain cost of goods that ultimately flows out. And that's a big deal. I mean, look at the deflation. Look at the tenure. I mean, almost. Yeah. So we were at a 437 on the tenure this morning. That's all. That is all. But it's all tied together. There was definitely a concern coming out of the White House. And I don't know how much it informed the president's decision making, but of oil driving inflation, the war driving more deficit spending and the inflation with the oil induced inflation, driving short term interest rates higher by the Fed, that driving the deficit higher because it raises borrowing costs for the federal government, that spiral that was definitely being talked about. Go ahead. No, we'll continue to talk about this going forward, I'm sure.