Will Cunliffe
The Middle East order is shifting, Murban futures are in utter chaos, bunker sales are on the rise and Iraq is resurging.
The Middle Eastern order is shifting; Gulf countries no longer trust the US defensive umbrella, having proven impotent at preventing Iranian strikes and led with a flagrant disregard for policy continuity. So, they’re looking for alternatives and the Saudis, Pakistanis and Turkish have signed a defence pact. Toys are flying out of the pram in all directions. Trump ordered a reduction to US involvement in military exercises with South Korea – based on his “very good relationship with Kim Jong Un”. He was typically ambiguous, as South Korea’s unwillingness to help against Iran was “somewhat unrelated”…Meanwhile, in the brave new world of the oil market, ADNOC is positioning itself as the funnel to extract Gulf crude through the Strait. Despite the tanker attacks last week, the shuttle run will continue.
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