US wins war for a day

War headlines today.

The US Navy “removed and/or detonated” all mines in the Strait of Hormuz’s international waters, according to US President Donald Trump.
Iranian Deputy Foreign Minister Kazem Gharibabadi has said that the Strait of Hormuz remains closed, dismissing claims that ships are passing through it as “baseless”.
Significant progress has been made, according to Pakistan’s interior minister, in negotiations with Iran’s president to revive the MOU.
The Trump administration is not currently holding negotiations with Iran, a White House official said.
Houthis claim Red Sea attack on VLCC. Surprise!

Diesel cracks stabilised, but Brent took a thumping as Iran mulls its options for escalation.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.