Today, we look at the fresh pain for global markets on the collapse of US-Iran talks this weekend and the new US intent to blockade the Hormuz Strait, at least for any ships that are paying tolls to Iran (and presumably any Iranian ship?). We also wonder how China may eventually weigh in, a key question ahead of a supposed Trump-Xi summit set for next month. Elsewhere, we look at the latest winners and losers in the US equity market as Anthropic continues to make enormous waves for software and other companies. This and much more on today's pod, which features Saxo Head of Commodity Strategy Ole Hansen and is hosted by Saxo Global Head of Macro Strategy John J. Hardy.

Links discussed on today's podcast and our Chart of the Day can be found on the John J. Hardy substack (within two to four hours from the time of the podcast release).

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