Oil and Bond Yields Higher Following First US Attack on Iran in Weeks
U.S. Strikes Two Iranian Rocket Launchers in First Attack in Weeks
Source: Mish Talk
―
DW NOTE
The Strait of Hormuz has been shut to commercial traffic for six months — three ships through on August 23 versus the normal 85 — yet Brent is at $88, down 26% from its yearly high. One strike on Iranian rocket launchers will not reopen the chokepoint, and bond yields are pricing exactly that: no supply relief, no policy easing, and a deficit running 3% hotter than last year.