
Meghan Markle's 'Lack of Confidence' Shows in As Ever Lifestyle Brand
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
Meghan Markle's As Ever online shop sold out its second batch of products in minutes with the shortage of supply reflecting "a lack of confidence in their own product," a PR expert told Newsweek.
Just days ago, the Duchess of Sussex said she did not want another lightning-fast sell out that would leave customers "fatigued."
Yet that is exactly what happened after her As Ever online shop—featuring an apricot spread, a rosé or a crepe mix among others—restocked on Friday, June 20, despite a 10-fold increase in supply. No figures have been released for the number of products sold.
Meghan Markle attends a holiday dinner for The Welcome Project in Celebration of Community at Our Place, in Venice, L.A., on October 26, 2024.
Meghan Markle attends a holiday dinner for The Welcome Project in Celebration of Community at Our Place, in Venice, L.A., on October 26, 2024.
Eric Charbonneau/The Archewell Foundation via Getty Images
Mark Borkowski, a U.K.-based PR expert, told Newsweek it reflected a lack of confidence in her own ability to sell despite the success she has so far achieved.
"Nobody wants to be left with a load of stock you can't shift," he said. "So it shows to a certain extent a lack of confidence in their own product because if they believed in it, they would go into overproduction or a greater production line.
"It shows they're still unsure about the very thing that would seem to be quite successful.
"Anyone with a rudimentary understanding of supply and demand would think they are surprised by their success."
Afua Hagan, a U.K.-based royal expert, told Newsweek: "It's a good thing for her because obviously people love what she's selling and love what she has on offer.
"But I think she needs to up the inventory because obviously you don't want everything to sell out really quickly. You want more people to be able to have it and maybe she's underestimated how popular her products would be.
"Obviously, you're scaling as a business and still trying to start small and work her way into a big inventory but I think she does need to do that because obviously the products are so popular."
And Nick Ede, a U.K.-based brand and culture expert, told Newsweek: "Obviously they've said they increased the inventory 10 times, but you wonder how large that inventory actually was.
"You actually want to, as a customer, as a consumer, go onto a website and feel you can buy the product.
"That spin of it's sold out and there's a demand for it becomes a bit obsolete because people want it there and then. We're in a world now where we can go onto Amazon and get something delivered the next morning that we've just purchased.
"I think they need to get it right. If they do it a third time I would have a real issue."
What Meghan told 'Aspire With Emma Grede' Podcast
Meghan's first batch of As Ever products sold out in minutes on April 2 and as recently as last week Meghan indicated she had "exponentially increased" supply to avoid a repeat.
She told the Aspire with Emma Grede podcast, which dropped on June 17: "I knew that I had a decision to make which came down to, what is our timeline to be able to restock these products that we had?
"Well, we can restock what we had at those same quantities but then I'll have another sell out and I don't want that for people.
"I think scarcity is great if it happens organically at the onset but at a certain point, even being consumer-minded, I would be fatigued if that kept happening and I was going to a website.
"So I said, 'OK, let's take this opportunity to grow, to have exponentially more skews as well as more inventory.'
"And that's what we've been doing right back to making sure we could scale up to that level and have the quality meet the quantity which was very key."
Obviously, selling out is not all bad, though, and the As Ever account celebrated on Instagram: "Cheers, dears! Wishing you a wonderful weekend! You've certainly made ours wonderful. We sold out...again!
"Sign up to be the first to order our debut As ever Napa Valley Rosé July 1st at 8 a.m. PT."
Analysis
The question of whether selling out is good or bad is a complicated one. On the one hand, a major brand like Nike might consider it a good thing to rapidly sell out a new line, creating buzz and a sense of exclusivity.
On the other hand, major brands have numerous existing lines available for anyone content to simply buy another of their products. It would, in that sense, be inconceivable for a company like Nike to, like As Ever, go two-and-a-half months with nothing on sale.
Meghan appears to have started with a stall at a farmer's market where her children sell produce and gradually, in stages, realized the need to do something far bigger.
She told Grede: "I went from [being] about to onboard a CEO and a small team to having Netflix as my partner.
"That takes it to a completely different level and goes very far beyond my ideas of 'oh I can sell locally, I could maybe be at a farmers' market,' I thought that would be cute."
And the farmers' market was not a throw away idea. In fact, Meghan later said she and Prince Harry do have a stall at a farmer's market where their children Prince Archie and Princess Lilibet sell their homegrown vegetables in order to learn about money.
She told the podcast: "So, you start from seed and you watch it grow and they [Archie and Lilibet] wait but with that it's like, 'now do you want to sell your harvest and do you want to share it with our community and also what do you want to do with those funds once you have them?'"
In other words, the idea has already gone through at least four concepts: a stall at a farmers' market, a small team with a CEO, the version that launched with Netflix as a partner in April and now the "exponentially increased" supply which also sold out in minutes.
The time may have come for Meghan to see where the business is actually headed in the long term and get it to that destination before it loses momentum.
George Clooney sold his Casamigos tequila business for $1 billion in 2017, showing there is money to be made for stars who can shift product.
Borkowski said Meghan's comments about not wanting to sell out in minutes days before she did just that showed "a certain amount of naivety," though he also acknowledged increasing supply might not be as straightforward as it sounds.
"What is this business?" He said. "If this business is from her own land it will only have a limited amount of product to supply that global demand.
"So, therefore, if she was to get involved in another supply chain, would that supply chain have the same credentials?
"And would we be picking over it to say it's another complete and utter farce and it becomes another stick to attack her with."
Meghan also acknowledged that issue when she described "making sure we could scale up to that level and have the quality meet the quantity."
If there is significant demand, though, then the opportunity may be big enough to justify the risk.
Jack Royston is chief royal correspondent for Newsweek, based in London. You can find him on Twitter at @jack_royston and read his stories on Newsweek's The Royals Facebook page.
Do you have a question about King Charles III, William and Kate, Meghan and Harry, or their family that you would like our experienced royal correspondents to answer? Email royals@newsweek.com. We'd love to hear from you.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles

Yahoo
an hour ago
- Yahoo
TriSalus Life Sciences Announces Commencement of Exchange Offer and Consent Solicitation Relating to Series A Convertible Preferred Stock to Streamline Capital Structure
WESTMINSTER, Colo., June 23, 2025--(BUSINESS WIRE)--TriSalus Life Sciences® Inc. (Nasdaq: TLSI), a company working to improve outcomes for patients with solid tumors by combining innovative drug delivery, current on-market therapeutics and immunotherapy ("TriSalus" or the "Company"), today announced that it has commenced an exchange offer and consent solicitation involving its Series A Convertible Preferred Stock (the "Preferred Stock") identified in the Prospectus/Offer to Exchange (as defined below). TriSalus is committed to simplifying its capital structure and reducing the potential impact of dilution from its Preferred Stock. By exchanging outstanding shares of Preferred Stock for common stock, the Company eliminates complex capital layers and potential preferential claims, providing investors with a clearer view of the Company's equity value and improving transparency around ownership. What's Being Offered TriSalus is offering all holders of outstanding shares of Preferred Stock the chance to exchange their shares for common stock. Each share of Preferred Stock can be exchanged for common stock based on the total value it would accrue (including dividends through August 10, 2027), divided by $4.00 per share. In total, TriSalus is offering up to 11,860,206 shares of common stock to complete the exchange. Consent Solicitation: Proposed Change to Preferred Stock Terms Along with the exchange offer, TriSalus is asking preferred shareholders to approve an amendment to the Certificate of Designations of the Preferred Stock. If approved, this amendment would allow the Company to automatically convert all remaining Preferred Stock into common stock after the offer closes, based on a slightly lower exchange ratio (11.3% less than the current offer). Investors holding approximately 55% of the outstanding Preferred Stock have previously agreed to exchange their shares and approve the proposed changes pursuant to tender and support agreements. If the remaining conditions outlined in the Company's Prospectus/Offer to Exchange are met, these changes will go into effect. Key Dates and Information Deadline to Participate: The offer expires at 12:01 a.m. Eastern Time on July 23, 2025, unless extended. Preferred Stock holders can withdraw their tendered shares any time before the deadline. Offer Details The offer is described in full in the Prospectus/Offer to Exchange and Schedule TO, both filed with the U.S. Securities and Exchange Commission (SEC) on June 23, 2025. Common Stock Symbol: TLSI (traded on the Nasdaq Global Market); Preferred Stock: Not publicly traded; 3,594,002 shares outstanding as of June 13, 2025; Morrow Sodali LLC has been appointed as the Information Agent for the Offer and Consent Solicitation, and Continental Stock Transfer & Trust Company has been appointed as the Exchange Agent. Requests for documents should be directed to Morrow Sodali LLC at (800) 662-5200 (for individuals) or (203) 658-9400 (for banks and brokers) or via the following email address: TLSI@ About TriSalus Life Sciences TriSalus Life Sciences® is a growing, oncology focused medical technology business bringing disruptive drug delivery technology with the goal of improving therapeutic delivery for the treatment of both oncologic and non-oncologic conditions. Additionally, we are exploring the integration of our technology with our investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 agonist, for a range of liver and pancreatic indications. We have developed an innovative organ-specific platform that is designed to overcome two of the most significant challenges that prevent optimal delivery and performance of therapeutics in these difficult-to-treat diseases: (i) high intratumoral pressure caused by tumor growth and collapsed vasculature restricting the delivery of oncology therapeutics and (ii) the immunosuppressive properties of liver and pancreatic tumor immune cells. By systematically addressing these barriers, we aim to improve response to therapies and to enable improved patient outcomes. In partnership with leading cancer centers across the country – and by leveraging deep immuno-oncology expertise and inventive technology development – TriSalus is committed to advancing innovation that improves outcomes for patients. Learn more at and follow us on X (formerly Twitter) and LinkedIn. Important Additional Information Has Been Filed with the SEC The Offer described in this press release commenced on June 23, 2025. On June 23, 2025, a registration statement on Form S-4 and preliminary prospectus included therein (the "Prospectus/Offer to Exchange") and an exchange offer statement on Schedule TO (the "Schedule TO"), including an offer to exchange, a letter of transmittal and consent and related documents, were filed with the SEC by the Company. The offer to exchange the outstanding shares of Preferred Stock of the Company will only be made pursuant to the Prospectus/Offer to Exchange and Schedule TO, including related documents filed as a part of the Offer and Consent Solicitation. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROSPECTUS/OFFER TO EXCHANGE AND SCHEDULE TO FILED OR TO BE FILED WITH THE SEC CAREFULLY, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING THE EXCHANGE OFFER, INCLUDING THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at or by directing such requests to Morrow Sodali LLC at (800) 662-5200 (toll-free). Investors and security holders may also obtain, at no charge, the documents filed or furnished to the SEC by the Company under the "Investors" section of the Company's website at No Offer or Solicitation This press release shall not constitute an offer to exchange or the solicitation of an offer to exchange or the solicitation of an offer to purchase any securities, nor shall there be any exchange or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A registration statement on Form S-4 relating to the securities to be issued in the Offer has been filed with the SEC but has not yet become effective. Such securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The Offer and Consent Solicitation are being made only through the Schedule TO and Prospectus/Offer to Exchange, and the complete terms and conditions of the Offer and Consent Solicitation are set forth in the Schedule TO and Prospectus/Offer to Exchange. None of the Company, any of its management or its board of directors, or the Information Agent, the Exchange Agent or the Solicitation Agent makes any recommendation as to whether or not holders of shares of Preferred Stock should tender shares of Preferred Stock for exchange in the Offer or consent to the Preferred Stock Amendment in the Consent Solicitation. Forward-Looking Statements Certain statements made in this press release are "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "become," "may," "intend," "will," "expect," "anticipate," "believe" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements may include, but are not limited to, statements regarding the consummation of the Offer and Consent Solicitation, the timing of the Expiration Date, the future effectiveness of the registration statement on Form S-4, the approval by the holders of shares of Preferred Stock of the Preferred Stock Amendment and subsequent entry into the Preferred Stock Amendment, the effects of the Offer on our capital structure and expected changes to the dilutive impact of the shares of Preferred Stock. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation: the Company's ability to successfully complete the Offer and Consent Solicitation; the number of holders of shares of Preferred Stock that approve the Preferred Stock Amendment in the Consent Solicitation; the timing and results of the SEC review of the registration statement on Form S-4 filed on June 23, 2025, if any; the Company's ability to attract and retain customers and expand customers' use of the Company's products; risks relating to market, financial, political and legal conditions; risks relating to the uncertainty of the projected financial and operating information with respect to the Company; risks related to future market adoption of the Company's offerings; risks related to the Company's marketing and growth strategies; risks related to the Company's ability to acquire or invest in businesses, products or technologies that may complement or expand its products, enhance its technical capabilities or otherwise offer growth opportunities; the effects of competition on the Company's future business; the risks discussed in the Company's quarterly report on Form 10-Q for the period ended March 31, 2025 under the heading "Risk Factors"; and the risks discussed in the Company's Registration Statement on Form S-4 filed on June 23, 2025, under the heading "Risk Factors" and other documents of the Company filed, or to be filed, with the SEC. If any of these risks materialize or any of the Company's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know of or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company's expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause the Company's assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so except as required by applicable law. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements. View source version on Contacts For Media Inquiries: Jeremy Feffer, Managing DirectorLifeSci Advisors917.749.1494jfeffer@ For Investor Inquiries: Dan GiordanoVice President, Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data


Business Wire
an hour ago
- Business Wire
TriSalus Life Sciences Announces Commencement of Exchange Offer and Consent Solicitation Relating to Series A Convertible Preferred Stock to Streamline Capital Structure
WESTMINSTER, Colo.--(BUSINESS WIRE)--TriSalus Life Sciences® Inc. (Nasdaq: TLSI), a company working to improve outcomes for patients with solid tumors by combining innovative drug delivery, current on-market therapeutics and immunotherapy ('TriSalus' or the 'Company'), today announced that it has commenced an exchange offer and consent solicitation involving its Series A Convertible Preferred Stock (the 'Preferred Stock') identified in the Prospectus/Offer to Exchange (as defined below). TriSalus is committed to simplifying its capital structure and reducing the potential impact of dilution from its Preferred Stock. By exchanging outstanding shares of Preferred Stock for common stock, the Company eliminates complex capital layers and potential preferential claims, providing investors with a clearer view of the Company's equity value and improving transparency around ownership. What's Being Offered TriSalus is offering all holders of outstanding shares of Preferred Stock the chance to exchange their shares for common stock. Each share of Preferred Stock can be exchanged for common stock based on the total value it would accrue (including dividends through August 10, 2027), divided by $4.00 per share. In total, TriSalus is offering up to 11,860,206 shares of common stock to complete the exchange. Consent Solicitation: Proposed Change to Preferred Stock Terms Along with the exchange offer, TriSalus is asking preferred shareholders to approve an amendment to the Certificate of Designations of the Preferred Stock. If approved, this amendment would allow the Company to automatically convert all remaining Preferred Stock into common stock after the offer closes, based on a slightly lower exchange ratio (11.3% less than the current offer). Investors holding approximately 55% of the outstanding Preferred Stock have previously agreed to exchange their shares and approve the proposed changes pursuant to tender and support agreements. If the remaining conditions outlined in the Company's Prospectus/Offer to Exchange are met, these changes will go into effect. Key Dates and Information Deadline to Participate: The offer expires at 12:01 a.m. Eastern Time on July 23, 2025, unless extended. Preferred Stock holders can withdraw their tendered shares any time before the deadline. Offer Details The offer is described in full in the Prospectus/Offer to Exchange and Schedule TO, both filed with the U.S. Securities and Exchange Commission (SEC) on June 23, 2025. Common Stock Symbol: TLSI (traded on the Nasdaq Global Market); Preferred Stock: Not publicly traded; 3,594,002 shares outstanding as of June 13, 2025; Morrow Sodali LLC has been appointed as the Information Agent for the Offer and Consent Solicitation, and Continental Stock Transfer & Trust Company has been appointed as the Exchange Agent. Requests for documents should be directed to Morrow Sodali LLC at (800) 662-5200 (for individuals) or (203) 658-9400 (for banks and brokers) or via the following email address: TLSI@ About TriSalus Life Sciences TriSalus Life Sciences® is a growing, oncology focused medical technology business bringing disruptive drug delivery technology with the goal of improving therapeutic delivery for the treatment of both oncologic and non-oncologic conditions. Additionally, we are exploring the integration of our technology with our investigational immunotherapeutic, nelitolimod, a class C Toll-like receptor 9 agonist, for a range of liver and pancreatic indications. We have developed an innovative organ-specific platform that is designed to overcome two of the most significant challenges that prevent optimal delivery and performance of therapeutics in these difficult-to-treat diseases: (i) high intratumoral pressure caused by tumor growth and collapsed vasculature restricting the delivery of oncology therapeutics and (ii) the immunosuppressive properties of liver and pancreatic tumor immune cells. By systematically addressing these barriers, we aim to improve response to therapies and to enable improved patient outcomes. In partnership with leading cancer centers across the country – and by leveraging deep immuno-oncology expertise and inventive technology development – TriSalus is committed to advancing innovation that improves outcomes for patients. Learn more at and follow us on X (formerly Twitter) and LinkedIn. Important Additional Information Has Been Filed with the SEC The Offer described in this press release commenced on June 23, 2025. On June 23, 2025, a registration statement on Form S-4 and preliminary prospectus included therein (the 'Prospectus/Offer to Exchange') and an exchange offer statement on Schedule TO (the 'Schedule TO'), including an offer to exchange, a letter of transmittal and consent and related documents, were filed with the SEC by the Company. The offer to exchange the outstanding shares of Preferred Stock of the Company will only be made pursuant to the Prospectus/Offer to Exchange and Schedule TO, including related documents filed as a part of the Offer and Consent Solicitation. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROSPECTUS/OFFER TO EXCHANGE AND SCHEDULE TO FILED OR TO BE FILED WITH THE SEC CAREFULLY, AS THEY MAY BE AMENDED OR SUPPLEMENTED FROM TIME TO TIME, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION THAT INVESTORS AND SECURITY HOLDERS SHOULD CONSIDER BEFORE MAKING ANY DECISION REGARDING THE EXCHANGE OFFER, INCLUDING THE TERMS AND CONDITIONS OF THE EXCHANGE OFFER. Investors and security holders may obtain a free copy of these statements (when available) and other documents filed with the SEC at the website maintained by the SEC at or by directing such requests to Morrow Sodali LLC at (800) 662-5200 (toll-free). Investors and security holders may also obtain, at no charge, the documents filed or furnished to the SEC by the Company under the 'Investors' section of the Company's website at No Offer or Solicitation This press release shall not constitute an offer to exchange or the solicitation of an offer to exchange or the solicitation of an offer to purchase any securities, nor shall there be any exchange or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. A registration statement on Form S-4 relating to the securities to be issued in the Offer has been filed with the SEC but has not yet become effective. Such securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The Offer and Consent Solicitation are being made only through the Schedule TO and Prospectus/Offer to Exchange, and the complete terms and conditions of the Offer and Consent Solicitation are set forth in the Schedule TO and Prospectus/Offer to Exchange. None of the Company, any of its management or its board of directors, or the Information Agent, the Exchange Agent or the Solicitation Agent makes any recommendation as to whether or not holders of shares of Preferred Stock should tender shares of Preferred Stock for exchange in the Offer or consent to the Preferred Stock Amendment in the Consent Solicitation. Forward-Looking Statements Certain statements made in this press release are 'forward-looking statements' within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbor created thereby under the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as 'become,' 'may,' 'intend,' 'will,' 'expect,' 'anticipate,' 'believe' or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements may include, but are not limited to, statements regarding the consummation of the Offer and Consent Solicitation, the timing of the Expiration Date, the future effectiveness of the registration statement on Form S-4, the approval by the holders of shares of Preferred Stock of the Preferred Stock Amendment and subsequent entry into the Preferred Stock Amendment, the effects of the Offer on our capital structure and expected changes to the dilutive impact of the shares of Preferred Stock. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the Company's management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including, without limitation: the Company's ability to successfully complete the Offer and Consent Solicitation; the number of holders of shares of Preferred Stock that approve the Preferred Stock Amendment in the Consent Solicitation; the timing and results of the SEC review of the registration statement on Form S-4 filed on June 23, 2025, if any; the Company's ability to attract and retain customers and expand customers' use of the Company's products; risks relating to market, financial, political and legal conditions; risks relating to the uncertainty of the projected financial and operating information with respect to the Company; risks related to future market adoption of the Company's offerings; risks related to the Company's marketing and growth strategies; risks related to the Company's ability to acquire or invest in businesses, products or technologies that may complement or expand its products, enhance its technical capabilities or otherwise offer growth opportunities; the effects of competition on the Company's future business; the risks discussed in the Company's quarterly report on Form 10-Q for the period ended March 31, 2025 under the heading 'Risk Factors'; and the risks discussed in the Company's Registration Statement on Form S-4 filed on June 23, 2025, under the heading 'Risk Factors' and other documents of the Company filed, or to be filed, with the SEC. If any of these risks materialize or any of the Company's assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company presently does not know of or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company's expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause the Company's assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so except as required by applicable law. These forward-looking statements should not be relied upon as representing the Company's assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.


Miami Herald
2 hours ago
- Miami Herald
How Trump's Iran Attacks Could Help Putin
Russia's oil exports, which fund Vladimir Putin's war machine, could get a boost in the aftermath of the U.S. attacks on Iran's nuclear sites if Tehran makes good on its threat to close the Strait of Hormuz, energy experts have told Newsweek. Oil prices have surged and Iran, a key oil producer, has warned it could retaliate to the strikes by the U.S. and Israel by closing the world's most strategic transit point for the commodity connecting the Persian Gulf and the Gulf of Oman. Iranian officials have threatened to mine the strait and as such U.S. military officials are preparing a plan for such a closure which could choke off a quarter of the world's oil supply and a fifth of its liquefied natural gas, according to The New York Times. But this move may reverse months of declining Russian oil revenue, allowing Moscow to continue to finance its war against Ukraine. "Russia could emerge as a beneficiary if Iran were to close the Strait of Hormuz," Nikos Tzabouras, senior market analyst at told Newsweek on Monday. Revenues from fossil fuels are the core of Russia's fiscal has been steadily decreasing and in May they over a third lower than for the same month last year. But spiking oil prices after Israel and then the U.S. targeted the nuclear facilities of Iran, a key producer of the commodity, could deliver a boon for Russian revenues. The U.S. attacks may also take away global attention from Putin's aggression for the time being and lead to strikes by Iran and its proxies on American military interests in the Middle East, which could play into Russia's hands. Jakob Larsen, chief safety and security officer for the Baltic and International Maritime Council (BIMCO), told Newsweek it is unclear how Iran will respond but the threat to commercial shipping in the waters around the Arabian Peninsula "has gone up yet another notch." Larsen said Iran might attempt a wider disruption of commercial shipping in the Strait of Hormuz through attacks on merchant ships via antiship missiles or drones of both airborne and surface type. The laying of sea mines would be another dangerous development, but Iran's intent to do so is questionable due to the risk to Iran-affiliated commercial ships and the risk of environmental disaster in case a ship is damaged, Larsen added. On Monday, West Texas Intermediate crude futures rose to just under $74 a barrel, a 0.2 percent gain, less than the nearly 4 percent spike seen Sunday evening. Brent crude rose 0.8 percent on Monday to $77.62 a barrel, while West Texas Intermediate climbed by the same margin to $74.42 in early trading with prices going as high as $81 over the weekend before settling down. Tzabouras, from told Newsweek the closure of the Strait of Hormuz, even for a limited period, could trigger a surge in oil prices, potentially pushing them above $100 per barrel. Russia could get a boost from such a move and even though it's not easy to determine the impact on volumes, higher oil prices from such action would boost Russia's revenues. "This, in turn, could enable Moscow to continue funding the war in Ukraine and resist growing international pressure to end the hostilities," Tzabouras added. Russell Shor, senior market analyst at said a blockade could increase Russia's revenue from its 7.5 million bpd (barrel per day) exports, which bypass the strait via Suez or Pacific routes. Asian markets, like China and India, might also favor Russian oil in such a scenario. However, Iran relies on the strait for its own oil exports, and closure risks alienating allies like China. The U.S. Fifth Fleet would likely intervene, escalating tensions and so Iran might choose targeted disruptions over a full blockade to pressure the West, he added. Trump referred to the impact on oil prices that his strikes might cause with a post on Truth Social in which he said "everyone, keep oil prices down." Larsen said that as well as a blockade, there are many other risks posed to the region such as Tehran's proxies, the Houthis who may attack in the Red Sea and Gulf of Aden merchant ships with affiliations to Israel or the U.S, with strikes against merchant ships with other affiliations also possible. BIMCO recommends merchant ships in the area to avoid the Iranian coast and maintain contact with naval forces in the area through U.K. Maritime Trade Operations (UKMTO). Nikos Tzabouras, senior market analyst at Tradu, told Newsweek on Monday: "Russia could emerge as a beneficiary if Iran were to close the Strait of Hormuz." President Donald Trump on Truth Social on Monday: "EVERYONE, KEEP OIL PRICES DOWN. I'M WATCHING! YOU'RE PLAYING RIGHT INTO THE HANDS OF THE ENEMY. DON'T DO IT!" Jakob Larsen, chief safety and security officer for the Baltic and International Maritime Council (BIMCO), told Newsweek: "It can't be ruled out that Iran will attempt a wider disruption of commercial shipping in the Strait of Hormuz through comprehensive attacks on merchant ships by for example antiship missiles or drones of both airborne and surface type." As The New York Times reported, U.S. officials have raised the need to prepare for the closure of the Strait. Meanwhile, military officials and analysts said missile and drone attacks are the biggest retaliatory threat by Tehran to U.S. bases and facilities in the region. Related Articles Some of Donald Trump's Biggest Critics Defend His Iran StrikesQatar Closes Airspace Amid Fears of Iranian Retaliation Against USSenator Says War Powers Resolution Against Trump Will Have GOP SupportTrump Responds to Putin Ally's Iran Nuclear Threat 2025 NEWSWEEK DIGITAL LLC.