Tea at Trianon: Foreign Policy and the Oil Clock

John Wilson Croker on Marie-Antoinette

"We have followed the history of Marie Antoinette with the greatest diligence and scrupulosity. We have lived in those times. We have talked with some of her friends and some of her enemies; we have read, certainly not all, but hundreds of the libels written against her; and we have, in short, examined her life with– if we may be allowed to say so of ourselves– something of the accuracy of contemporaries, the diligence of inquirers, and the impartiality of historians, all combined; and we feel it our duty to declare, in as a solemn a manner as literature admits of, our well-matured opinion that every reproach against the morals of the queen was a gross calumny– that she was, as we have said, one of the purest of human beings."

~from History of the Guillotine by John Wilson Croker, 1844

Edmund Burke on Marie-Antoinette

"It is now sixteen or seventeen years since I saw the queen of France, then dauphiness, at Versailles; and surely there never lighted on this orb, which she hardly seemed to touch, a more delightful vision. I saw her just above the horizon, decorating and cheering the elevated sphere she had just begun to move in, glittering like a morning star full of life and splendor and joy. Oh, what a revolution....Little did I dream that I should have lived to see such disasters fall upon her, in a nation of gallant men, in a nation of men of honor and of cavaliers! I thought ten thousand swords must have leaped from their scabbards, to avenge even a look which threatened her with insult. But the age of chivalry is gone; that of sophisters, economists, and calculators has succeeded...."

~Edmund Burke, October 1790

Monday, October 5, 2026

Foreign Policy and the Oil Clock

From AND Magazine:

Gulf exports excluding Iran were back at the pre-war average in September, about 16.5 million barrels a day, Kpler tracking cited by Just the News. Iranian loadings have been near zero since the July blockade. Bessent said about 15 million barrels remain on the water, nearly all for China, and that Tehran runs out of oil to trade in about two weeks. That is his clock, not a confirmed cutoff. Just the News
Brent settled Friday at $102.25, down 6 cents. WTI finished at $91.11, down $1.76. For the week, Brent was up 0.11 percent, and WTI was down 1.6 percent. Saturday quotes were still about $102 for Brent and $91 for WTI, roughly 42 percent above the February baseline near $72. The Brent–WTI gap, about $11, is the Hormuz signature: waterborne crude is repriced, U.S. inland crude less so. Business Recorder, citing Reuters and Hormuz Monitor
The Friday dip was the diesel story, not a peace story. French President Macron chaired a G7 call. EU countries agreed to a French proposal to release part of their diesel stocks over about 20 days. It was not clear the G7 had agreed on volumes. A stock release can loosen diesel for a few weeks. It does not replace barrels that are not loading in Iran, and it does not reopen the strait. Capital Economics said another release could tip the market into a slight surplus only if the recent pickup in non-Iranian Gulf flows holds. Business Recorder (Read more.)