The world has become used to being deceived by its major leaders. The words of Donald Trump informing that the new spate of attacks on Iranian targets might be repeated “anytime we want,” but the current campaign “won’t last too long,” might just lead to a reprieve in the price of Brent’s mad dash toward $100/barrel.
No one knows what the endgame will look like, probably not even the man himself, but he is doing no favours for himself, his party, US voters, or the global economy. Oil prices continued their upward journey. The economic warfare against Iran is now coupled with renewed US military attacks on Iranian targets and vice versa after two tankers came under fire on Monday. Details of the latest round of confrontations are sadly irrelevant; oil prices tell the story. Fears of intensifying supply disruptions are rising, particularly in the middle of the barrel, as the CME Heating Oil contract jumped by more than $11/bbl equivalent and its premium to WTI shot back above $100/bbl.
Having been almost satirised after his debut press conference following July’s FOMC decision to keep rates on hold, every nook and cranny of economic writing was waiting for a goodly dollop of clarity when Fed Chair, Kevin Warsh, addressed the Jackson Hole Symposium last week.
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