USD -
USD is gaining in the early hours of this morning as the wishy washy sentiment regarding just how productive Saturday's talks in Islamabad are going to be turn negative. No doubt, this will likely flip several times throughout the day as comments from the US admin, the Israelis and the Iranians start pouring in ahead of time.
Little has changed on the ground, other than Iran is not longer directly attacking US and Israeli assets and vice versa. Kuwait is still under the cosh however with no relenting in Iranian strikes on key energy infrastructure.
The Strait, with ships of all types present locations being helpfully highlighted above, remains essentially closed. A total of 9 Oil tankers have exited the Strait (ie. out of the Gulf and into the Indian Ocean) over the past 7 days, against 247 tankers that exited in the last week of February.
Brent is only 70 cents up today, but the price movements today are a good reminder that whilst the odds are better than not that tomorrow will bring the start of the peace process, there is still a lot that can go wrong.
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