Global Daily: Politics as Unusual

Elections, war and central banks are shaping up as dominant themes in financial markets this week, providing ample scope for volatility. Brent crude oil prices rose by 6.24% to close at $116.72/bbl last week. Markets mostly ignored news of the success of the ‘Hormuz Shuttle’ and various associated workarounds in seeing Middle East oil exports reportedly average more than 24mmbd in the week to October 18th. Focus was instead drawn to the high cost of getting the oil out and the rumblings from Donald Trump and (especially) Benjamin Netanyahu that a resumption in strikes on Iran are imminent.