Will Cunliffe
Research Analyst, The Officials
Dealing with himself
Trump negotiates with himself, Houthis attack Saudi shipping, the crack collapse has slowed and China has eased fuel export restrictions.
Trump negotiates with himself, Houthis attack Saudi shipping, the crack collapse has slowed and China has eased fuel export restrictions.
The Iranians are working with Omanis on a plan to control and open the Strait. Meanwhile, Trump is negotiating with himself on an alternative plan. But this means Hormuz is not yet open for business and Brent is climbing back towards the low-$80s after plunging towards just $78 early in the Asian session. Clearly, the Europeans are less optimistic than the Asians! After yesterday’s claim there could be an agreement today, today has arrived and Trump says maybe we’ll have an outcome in 48 hours… Don’t get your hopes up! Iranian state TV says reopening the Strait is contingent on US ‘behaviour’ – like a disappointed parent trying to get a naughty child to behave! The Houthis are still lobbing missiles at Saudi shipping, claiming a hit on the NCC Wafa (IMO: 9688348) this morning. The 2014-built product tanker last pinged its AIS signal on 19 July, according to the Peering Eye. Their aim is extending further north in the Red Sea now, but at least they gave assurances to non-Saudi shipping that transit fees are not in place for Bab el-Mandeb.
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About Asia Edition
Benchmark reports published at the close of the trading day in Asia.
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