10 October 2024: 16:30 BST
All the traders and even we are kept waiting for Israel’s ‘decisive’ action in response to Iran’s missile bombardment. Words come easily, but the situation is difficult for Israel, countries in the region, US, Europe and everybody. Honour and pride demand a powerful reaction by Israel, but a non-emotional approach coupled with practicalities such as not stepping on American toes prior to the presidential election weigh heavily. We’ve learned to be patient following avowals of retribution and retaliation in the Middle East. In any case, the market just can’t get the idea out of its head, and this anxiety sent Brent back towards the $79/bbl mark.
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