The ceasefire between Iran and the United States, described by some outlets as a chance to reduce tension and restore oil flows through the Strait of Hormuz, appears fragile.
That is pushing oil markets back into a risk mode and adding pressure to the global economy.
Why it matters
For markets, the main risks are sustained energy pressure, higher logistics costs and inflation through transport and production.
Middle East instability affects energy prices, inflation, borrowing costs and national security strategies.
Pereuloq view
Pereuloq sees this as more than a regional conflict: it is part of a global economic risk cycle.
Prepared for Pereuloq.