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The latest Gulf headlines are a rolling joke.
Prices climbed Tuesday on headlines from Iranian news agencies that cast doubt on progress in the talks, as well as an AFP report that Hezbollah won’t accept a partial ceasefire with Israel. A truce in Lebanon had been cited by Iranian officials as a condition for a broader peace agreement.
The barrage of price-supportive headlines reversed early session losses that were triggered by de-escalatory comments from Washington. President Trump said a memorandum of understanding with Iran to reopen the Strait of Hormuz could happen over the next week, according to ABC News, which cited a telephone conversation with Trump.
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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal.
He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.
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