Yesterday's Optimism Turns More Guarded

2026-03-24 07:45:00 ET

The markets remain on edge. President Trump’s five-day hiatus announced yesterday is looked upon suspiciously. Much of what has been claimed seems to be part of the psych-operations associated with warfare, like initiating the war during negotiations. Many seem to share our sense that the five-day period will allow more US troops to enter the region and perhaps attempt to take Kharg Island. The US strategy seems to waver between destroying Iran’s capability to even make a paperclip to seeking regime change and keeping the energy infrastructure intact to allow the new regime to rebuild. Meanwhile, more ships appear to be passing through the Strait of Hormuz, which appears becoming a toll booth for $2 mln passage fee to be paid in yuan. Meanwhile, the US has given Europe an ultimatum of its own: Agree to the trade deal by March 26 or lose favorable access to US liquefied natural gas....

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