World-
Day 4 of what is being called the third Gulf war with no cessation in the level of attacks, the energy concern is threatening to flow into a full crisis unless Oil tankers are allowed passage through the strait of Hormuz. To this end, the President announced yesterday that a convoy system will be established to provide safe passage to Oil tankers exiting the Gulf.
Such a system was implemented during the Iran-Iraq of 1980 to good success and it was the kind of calm the market needed after such a period of enormous turbulence. Naturally, no peace talks and the alleged Israeli strike that killed the 2nd choice for Iran's leadership hasn't done much to convince the market that this will be over anytime soon.
More worryingly, Secretary for War Pete Hegseth refused to rule out the use of ground troops yesterday, an ominous sign that this may last longer than anyone is expecting.
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