Today, a look at the fragile "cease-fire" between the US and Iran and whether it is mostly a US climbdown from its maximalist threats than any remarkable change of attitude from the Iranian side. Regardless, global markets have reacted in dramatic fashion. We walk through the reaction across asset classes as significant near term oil- and gas supply uncertainties remain. This and much more on today's pod, which features Saxo Head of Commodity Strategy Ole Hansen and Saxo Global Head of Macro Strategy John J. Hardy.

About twice per week, you will also find links discussed on the podcast and a chart-of-the-day over at the John J. Hardy substack.

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A robust market reaction to a quite fragile "cease-fire" in Iran.