The last throes of a declining superpower

It’s Thursday and I’m getting another bout of deja vu. For the third straight week, Wednesday has proven to be a buying opportunity in oil and a hold through the weekend. This time the catalyst was Iran’s threats to retaliate against Israel’s attacks on their natural gas fields in South Pars (the world’s largest natural gas reserve) and Asaluyeh. South Pars is joint owned by Qatar and is a critical piece of upstream gas infrastructure in Iran’s power generation and industry.