Global Daily: Massive Life Support

“On massive life support” was Donald Trump’s characterisation of the US-Iran ceasefire yesterday. This followed Sunday’s rejection of Iranian terms for peace that Trump described as “totally unacceptable”. In a boy-who-cried-wolf-style sign of growing market insensitivity to Presidential prognostications, Brent was only up 2.88% to $104.21/bbl and WTI crude remains below $100/bbl. Dated Brent rose by 0.6% yesterday to $105.62. This even as the Wall Street Journal reports that the UAE has been “secretly” carrying out attacks on Iran, including on refining infrastructure.