Drone or missile strikes reported in the UAE US says it ‘eliminated’ six Iranian small boats Trump: Iran is now more malleable in talks Trump stopped short of saying Iran violated ceasefire, notes only one missile got through A source tells CNN that Dubai expect US/Israeli…
Drone or missile strikes reported in the UAE US says it ‘eliminated’ six Iranian small boats Trump: Iran is now more malleable in talks Trump stopped short of saying Iran violated ceasefire, notes only one missile got through A source tells CNN that Dubai expect US/Israeli strikes on Iran within the next 24 hours US March factory orders surge +1.5%, versus +0.5% consensus as core capex revised higher Bessent: The world is in an 8-10 million barrel oil supply deficit Eight reasons why the US is headed towards an inflation problem Markets: WTI crude oil up $3.19 to $105.13 US 10-year yields up 6 bps to 4.44%, 30-year breaks 5% S&P 500 down 0.4% Gold down $98 to $4515 USD leads, AUD lags The trouble started in Europe with various reports and denials about Iran firing on, or hitting a US frigate in the Strait. It later became more clear that there were some warning shots but it’s not clear what happened beyond that.
Trump said the US sank 7 Iranian fast boats while Iran denied it. Iran also launched a surprise attack against the US oil route that bypasses the Strait of Hormuz. That last even saw WTI spike to a session high of $107.48 and stocks fell to a session low.
However Trump mostly waved off the attack in a somewhat surprising move. There is talk of retaliation though and they could just be trying to maintain some element of surprise. What’s clear is that Iran is not eager to let any ships cross through Hormuz, even if Trump says it’s just to relieve crews.