So much for peace and all that, eh?
US president Trump is out now in saying that “I think it’s over” on the deal/memorandum of understanding with Iran. It basically confirms that the fragile ceasefire is likely to end and that both sides are going to continue strikes again, at least for now.
And in that sense, the Strait of Hormuz is likely to see a return to de facto closure. Well, it’s not like it was ever really open in the first place. However, the headlines now are pretty much putting out hope for those expecting a slim chance of things getting better.
As such, oil prices are climbing back up again with WTI crude now up by 2.5% on the day and eyeing a return to $74.
Just be wary that Trump’s exact words are alluding to the ceasefire being over, as far as he is concerned. However, he does go on to say that negotiations will still continue but he doesn’t want to be the one dealing with the situation anymore. Instead, he’s going to let his negotiators keep talking.
But to sum it all up, he says that it is going to be a waste of time in doing so. It’s all semantics really.
The bottom line is that the deal looks dead in the water now and we’ve hit the reset button. Here we go.
This article was written by Justin Low at investinglive.com.
