Oil's reaction to the US-Iran war is waning.
#brent crude has risen by only about $2 since the Memorandum of Understanding (MoU) expired.
This comes even after Iran reportedly changed its war strategy from "defensive" to "fully offensive."
Compare this to previous events:
February 28, start of the war: +$19.88 at the market open
March 9, Hormuz closure: +$26.80 during the session
April 8, ceasefire: -$14.50 in one day
May 4, threat of blockade: +$19.69
July 2, signing of the MoU: -$42.65 from the high
July 13, reinstatement of the blockade: +$7.30 in one day
August 18, "fully offensive": +$2
Each escalation now produces a weaker price reaction.
$OILT.ETF #economy
#brent crude has risen by only about $2 since the Memorandum of Understanding (MoU) expired.
This comes even after Iran reportedly changed its war strategy from "defensive" to "fully offensive."
Compare this to previous events:
February 28, start of the war: +$19.88 at the market open
March 9, Hormuz closure: +$26.80 during the session
April 8, ceasefire: -$14.50 in one day
May 4, threat of blockade: +$19.69
July 2, signing of the MoU: -$42.65 from the high
July 13, reinstatement of the blockade: +$7.30 in one day
August 18, "fully offensive": +$2
Each escalation now produces a weaker price reaction.
$OILT.ETF #economy