The sight of dozens of tankers transiting the Strait of Hormuz this morning is a welcome deviation from the recent pattern of sabre-rattling and naval brinkmanship. The supposed US-Iran deal, however opaque, has temporarily unlocked the world’s most critical oil chokepoint. UK maritime security guarantees, a familiar refrain from Whitehall, provide the veneer of stability.
But let us not mistake a pause for a cure. Market volatility remains the only constant, and this ‘breakthrough’ carries the distinct smell of a manufactured truce. The bottom line: investors should hedge their bets, not their hopes.
