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Deep-fried Diplomacy!

War is back on the cards as Trump tears up the MoU, China increases July export quotas and options show traders getting defensive!
Published: 8 July 2026
Written by:
Will Cunliffe

Will Cunliffe

Research Analyst, The Officials
Will Cunliffe
and
Edward Hayden-Briffett

Edward Hayden-Briffett

Research Analyst, The Officials
Edward Hayden-Briffett
Reviewed by:
Jorge Montepeque

Jorge Montepeque

Head of Benchmarking, The Officials
Jorge Montepeque
Edition: Asia EditionVolume: 3Issue: 128
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War is back on the cards as Trump tears up the MoU, China increases July export quotas and options show traders getting defensive!

Out of the frying pan and (back!) into the fire! It’s an interminable cycle: Iran attacks ships in the Strait for not following its route, the US shouts at the Iranians then strikes back against Iran itself, and Iran attacks US bases in Gulf states (especially Kuwait and Bahrain), and oil prices spike. Then the US gets nervous about rising prices and backs down. Trump said he sees the MoU as effectively over, which spiked Brent to near $79 by 10:00 BST. Of course, Iran has accused the US of major MoU violations while Trump accuses Iran of its own misbehaviour.

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Benchmark reports published at the close of the trading day in Singapore.

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