30 June 2025: 09:30 BST
Another frenetic month draws to a close and here we are again on the Monthly Editorial page. June started quietly but built to a monumental crescendo as Israel and Iran inspired massive market moves. Brent hit a high of $81.40/bbl on Monday 23 June as the Israeli Iranian orchestra reached its crescendo of missiles and bombs. But a flimsy de-escalatory retaliation by Iran on the US base in Qatar inspired a huge $10 dump last Monday. We like good choreography, especially when it allows for a pretty fireworks display and a calming of the situation. The American forces knew how many missiles would be coming their way, thank you Iran, and were prepared with about four times as many Thaad counter missiles. Why waste all of this?
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