Hailing his Iran deal this week amid the excess of Versailles, Donald Trump urged sceptics to take Wall Street’s word for its success. “There is nothing as smart as the market – and the market loves it,” he said, claiming credit for ending the economic chaos that had kicked off when he started bombing Iran in late February. Without the agreement, he said, “the alternative would be a worldwide depression”.
By the weekend, the outlook was less optimistic after planned US-Iran peace talks in Switzerland were abruptly called off, then reinstated, and Iran said Israeli bombing in Jordan meant it was justified in closing the strait of Hormuz again. Still, hopes persist that the sea passage carrying about 20% of the world’s oil supplies will reopen fully in the coming days and weeks.
If the oil does start to flow more freely again, it should forestall the shortages of key…
