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IRGC claims it downed another US F-35 fighter jetIran's Islamic Revolutionary Guard Corps (IRGC) declared on Friday that its troops shot down another United States F-35 fighter jet over central Iran during overnight attacks.The IRGC stated that this is the second fighter jet downed by the guard's "new advanced aerospace defense system" in the previous 12 hours, and that the pilot's fate is unknown."This is our first response to [US President Donald] Trump's nonsense," the IRGC stated.
EU: Energy prices to stay high for 'very long time'European Energy and Housing Commissioner Dan Jorgensen warned that "energy prices will be higher for a very long time," saying "this will be a long crisis" as the Middle East conflict disrupts markets, the Financial Times reported on Friday.Jorgensen said the European Union is "looking at all possibilities," adding "we are ready to do it when and if it becomes necessary" in reference to potential releases from strategic reserves. He said relying on partners such as the United States is acceptable as they operate in "the free market," while reiterating there will be no change to EU rules on Russian liquefied natural gas (LNG) this year."The rhetoric ... is more serious now," Jorgensen said, adding the bloc is "preparing for the worst scenarios" even if it is "not there yet," as the Bank of England warns energy shocks could sustain inflation.
Key Real-World Oil Price Soars to Highest Level Since 2008The world’s most important price for real-world oil barrels surged above $140 on Thursday, the highest since 2008.Dated Brent, the price of shipments bought and sold in the North Sea, reached $141.37, surpassing levels seen when Russia invaded Ukraine, according to S&P Global, which publishes the data. The surge is a sign of the growing disconnect between futures contracts and various pockets of physical markets that are pricing increasingly scarce supplies.Dated Brent underpins a significant number of transactions where actual cargoes are bought and sold, and a large volume of supply has been lost to the Iran war. The futures market, on the other hand, is weighted largely to financial trading in so-called paper barrels.The Strait of Hormuz has now been closed for more than a month, creating what the International Energy Agency is calling the biggest supply disruption in the history of the oil market. The waterway traffics about one-fifth of the world’s crude flows and refiners have been scrambling to get hold of whatever barrels they can find.The last time Dated Brent touched such heights was 18 years ago, when the global financial crisis that had been brewing for months was on the cusp of puncturing a historic crude rally.The current price run-up reflects higher demand for in the North Sea, where traders have been bidding for cargoes at record premiums over recent days.Unlike Dated Brent, benchmark Brent futures traded on Intercontinental Exchange Inc. are still lower than 2022 levels, trading near $107 on Thursday. That’s because the value of Dated Brent represents the price of crude for a different, more immediate delivery period.