In Tatters.
The US/Iran ceasefire memorandum is obviously in tatters. Iran closed the Strait of Hormuz, prompting a reinstatement of the blockade by Trump who also briefly proposed an idea to create his own toll system to pocket 20% from all shipping traffic (within 24 hours, he was forced to clumsily back-track on this bonkers plan). The US carried out more air strikes, prompting a resumption of Iranian attacks on multiple military targets throughout the region.
Financial markets have not so far priced in any outcome other than the conflict being comfortably in the rear-view mirror very soon. If the…
The skinny
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