Battle of the grift, as Trump talks blockade and 20% protection fee
A fresh lift for oil , though still pretty muted all things considered, as Trump doubles down, saying the US naval blockade of Iranian ports will be reinstated. Rather than just pushing back on Iran’s ambition to regulate and tax traffic, Trump also voices an extreme US 20% charge on all cargo for "taking over" the key waterway, acting as its "guardian angel". Nothing is ever not about taking a cut in Trump’s universe. Turns what was already a very messy and voluntarily stalled shipping traffic flow situation into an even messier one. Brent front month back to testing the recent $80~ line, EUR/USD resets to 1.14, USD/JPY back to Friday’s highs.