21 May 2025: 09:30 BST
Back above $66! But not for long. The market is fatigued. Headlines just don’t do it for the market anymore. Increasingly noisy suggestions Israel is gearing up to strike Iran’s nuclear facilities reminds us of the sabre-rattling last October, but this time the market is much less bothered – at least until something real happens! Brent flat price jumped $1 at the Asian open but the prompt futures simply ignored the development and continued business as usual. By the close, Brent had slid back to $66.20/bbl Trump’s decision to skip over Israel on his Middle East trip is rather telling. As we well know, he wants low oil prices and Israel can only send them skyward – namely by attacking Iran! Hey, no need for a nuclear deal if Iran’s nuclear facilities have gone up in smoke! But Trump’s even trying to one-up his Israeli allies by going full Reagan and attempting to reignite the ‘Star Wars’ project that he’s renamed to the ‘Golden Dome’ of air defences around the US.
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