For the first time in history, attacks against Israel were launched from within Iran after the bombing of the Iranian consulate in Damascus at the beginning of the month. Israeli retaliation of this retaliation seems inevitable, the severity and the timing of it is unclear.
Viewing the world via a cynical eye is never really constructive, but such is the manner in which our current geopolitical drivers exasperate us, that who can blame folk for consuming news with seasoned resignment.
There is something other worldly about the current sentiment in the oil space. Diverging interest rate outlooks from either side of the pond, a continued deflationary scenario in China that is in itself ignored in front of Tuesdays barrage of trade data, a roaring US Dollar, an all-time high Gold price and inflation that must keep Jerome Powell awake at night, are simply ignored.
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