Good morning; here's what the Oilman has for you today:

• Oil Price Collapses Alongside Banking Fears

• Saudi-Iran Deal: China Takes Center Stage

• Tweet of the Day

Oil Price Collapses Alongside Banking Fears

After oil prices took a beating on Tuesday...Wednesday was worse.

$68.07.

That's the lowest West Texas Intermediate has been since December 2021.

The same is true for Brent at $74.01.

Prices fell in the wake of SVB / Signature Bank Collapse

Norway's sovereign wealth fund, founded to invest the revenues of its massive North sea oil and gas production, has suffered losses of over $263 million due to the collapse of Silicon Valley Bank (SVB) and Signature Bank.

And fears are rising that Credit Suisse may fold up as well.

Amidst all this, Credit Suisse announced it's borrowing $50 billion Swiss francs (almost $54B USD) from the Swiss National Bank to provide short-term liquidity.

So bank runs are happening, trust in the system is failing, and oil is getting pummeled. What next?

"Buy when there's blood in the streets"

This advice from the Baron Rothschild is one of Warren Buffett's favorite pastimes.

With oil prices falling and public oil companies taking a beating, Berkshire Hathaway bought another 7.9 million shares of OXY.

It's a strange time to be alive, but if anyone knows what to do – it's the Oracle of Omaha.

Today's Edition is Brought to You By Energy Builders Podcast.

Are you ready to dive into the exciting world of oil and gas? Look no further than Energy Builders, your go-to podcast for all things black gold.

Get an inside look at the entrepreneurs making waves in the industry and learn from the drillers and deal-makers who know how to make a profit in the field. Don't miss out on this action-packed listening experience – tune in to Energy Builders now and discover the secrets of success in the oil and gas business.

Listen on Apple Podcasts, Spotify, and more.

Saudi-Iran Deal: China Takes Center Stage

Iran's ongoing shadow war with Israel has spilled over into shipping attacks and skirmishes with Saudi Arabia, with political tensions running amok.

Yesterday a deal was brokered between the two countries by none other than the United States...nope, China.

It couldn't be the U.S.

After all, the U.S. has sanctioned Iran and does not have a diplomatic relationship with the Iranian regime.

That said, China's diplomatic involvement does not bode well for Washington's influence in the region.

And Iran looks good by making a deal with Riyadh, despite the fact that Tehran is enriching Uranium at peak historic levels.

What effect does this have in the region? On oil prices?

Probably not much.

Remember, Iran's exports are at all time highs, and China's not going to stop buying.

If the Biden administration managed to negotiate a nuclear deal with Iran, not much would change in the oil markets...

But the Iranians might get that nuclear arsenal they've always dreamt of...

Around the Digital Patch

🇵🇱 Polish Prime Minister brags on zero Russian oil & gas imports.🏔️ Has U.S. drilling & production peaked?🥇 Bitcoin quietly became available on Fidelity.

Tweet of the Day

Thanks for reading today's Oil Patch!

Stay oily, my friend.

Two quick requests before you go:

• If you found this useful, forward this email to a friend to spread the word. 👇

• Take 1 second to answer the poll below 👇👇