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Is Elon Musk the October Surprise? | WSJ Politics Newsletter for Oct. 20
Plus, President Trump offers cash to woo midterm voters, and oil is surging through the Strait of Hormuz.
Oil prices jump amid record tanker attacks in Hormuz
Oil prices climbed Thursday on continued worries about global supply and as record tanker attacks in the Middle East sent crossings through the Strait of Hormuz to a two-month low.
Oil rises as Middle East supply concerns persist amid shipping attacks
Oil prices rose on Thursday on persistent worries about supply from the key Middle East producing region amid an increase in attacks on shipping in the Gulf and the Strait of Hormuz.
Hormuz as a Multiplayer Game: From Chokepoint Control to the Politics of Access
Transit fees, Hormuz Safe insurance, and a new strait authority: how the Iran war turned Hormuz from a chokepoint into a contest over access.
The Beclowning of Scott Bessent
One iron law of current politics is that nobody who associates themselves with Donald Trump emerges with a shred of credibility. For some, that’s not a big loss — it’s not as if anyone respected Pete Hegseth even before he decided that the key to military success in an age of drones and AI was more testosterone. For others, however, the costs are real. I’m old enough to remember when Marco Rubio was widely considered a reasonable, thoughtful politician. Right now, however, my candidate for the biggest loser is Scott Bessent, the Secretary of the Treasury. Bessent started out with significant reputation to lose: When Trump selected him, this was the headline in the Financial Times: Jason Furman, Barack Obama’s chief economist, described him as a “credible Treasury secretary who has a real understanding of the global economy”. But Bessent has now transformed himself into the Baghdad Bob of bonds. Three weeks ago, after intervening (for reasons that remain somewhat unclear) to support the Japanese yen, Bessent boasted about his ability to move markets and dared investors to bet against his, declaring “I am the house now.” He then tried to push long-term interest rates down, buying 30-year U.S. Treasuries in a move some have compared to paying down part of your mortgage by running up your credit card balance. Here’s how that’s going so far: To get some perspective on how high interest rates have gone, here’s a longer-term perspective: We haven’t seen interest rates this high since the fading days of the dotcom bubble. Why are interest rates hitting new records? The backdrop, as I argued in last Sunday’s primer, is the huge AI-driven investment boom; more on that next week. But the immediate cause of the latest interest rate spike was Trump’s rejection of an Iranian proposal to end the war. This rejection sent crude oil prices, which for a while had fallen considerably, shooting back up: It’s notable, by the way, that oil prices remain high even though a significant amount of oil is now being shuttled through the Strait of Hormuz by night, on smaller vessels. That’s an interesting story, which has a lot to do with the fact that oil from the Hormuz shuttle runs must be transferred to larger vessels before being shipped to markets in Europe and Asia; around 15 percent of the world’s large crude carriers are now parked off the coast of Oman, waiting to be tanked up. This is creating a shipping crunch: But that’s a topic for another day. For now, the point is that with oil still high and refined products, especially diesel, still close to record levels, inflation will remain elevated. And this in turn means that the Federal Reserve will keep short-term interest rates high, an expectation that is feeding into longer-term rates. Hence Bessent’s bond-market humiliation. The truth is that Bessent might not have been able to get interest rates down even in the best of circumstances. But he certainly won’t get anywhere as long as Trump keeps believing that he can somehow convert his Iran debacle into a triumphant victory. And Trump will keep believing that as long as he is surrounded by sycophants who tell him what he wants to hear. Sycophants like, for example, Scott Bessent, who is predicting the imminent collapse of the Iranian economy, possibly within two weeks. Bessent is right to say that the embargo on Iranian oil exports is placing the country under great economic strain. But his implicit prediction that this will quickly produce a deal that Trump can call victory looks no more plausible than his boasts about the bond market. The big question now is, why would anyone with a reputation to lose work for Donald Trump? As the beclowning of Bessent shows, joining the Trump team won’t just damage your reputation; it will utterly destroy it.
Trump administration lowers fuel economy standards, critics say at a significant environmental cost
The new rules were released shortly after President Donald Trump rejected an Iranian proposal to open the Strait of Hormuz, sending oil prices soaring.
Iran says it ‘has no plans to negotiate with US’ despite Trump claims
Trump had told Axios he expected talks to resume a day after he rejected Iran’s proposal to reopen the strait of Hormuz
Iran Ready to Resist Any Aggression, Even ‘Apocalyptic War’: Araghchi
TEHRAN (Tasnim) – Iran is fully prepared to confront any aggression and stands firm even if the confrontation escalates into an “apocalyptic war”, Foreign Minister Abbas Araqchi said, stressing that Tehran keeps the door open to diplomacy and a proposed seven-day plan to reopen the Strait of Hormuz.
IRGC Navy Seizes Second US Military Underwater Drone
TEHRAN (Tasnim) – The Islamic Revolution Guards Corps (IRGC) Navy said on Sunday that it has seized a second underwater remotely operated vehicle (UROV) belonging to the US military in the Strait of Hormuz.
Iran Won’t Back Off from Conditions for Reopening Hormuz: FM
TEHRAN (Tasnim) – Iran has clearly presented its conditions for reopening the Strait of Hormuz and advancing negotiations, Foreign Minister Abbas Araqchi said, stressing that Tehran will not back down from those conditions.
Trump calls Iranian plan to reopen Strait of Hormuz not 'acceptable'
President Trump said he was rejecting an Iranian plan to reopen the Strait of Hormuz. The Iranian proposal is similar to a memorandum of understanding agreed upon by the U.S. and Iran back in June.
Trump calls Iranian plan to reopen Strait of Hormuz not 'acceptable'
President Trump said he was rejecting an Iranian plan to reopen the Strait of Hormuz. The Iranian proposal is similar to a memorandum of understanding agreed upon by the U.S. and Iran back in June.
Trump Rejects Iran’s Cease-Fire Proposal to Reopen Strait of Hormuz
The president said the deal was not “acceptable” and demurred on whether he would restart military strikes after the midterm elections.
Trump rejects Iran's proposal to reopen the Strait of Hormuz
President Donald Trump has rejected Iran’s proposal to reopen the Strait of Hormuz. Trump spoke to reporters Saturday outside the White House before leaving for a college football game. His
Iran has suggested a deal to reopen the Strait of Hormuz in 7 days
Iran’s Foreign Minister Abbas Araghchi detailed the proposal in a private gathering on Thursday
Iran has suggested a deal to reopen the Strait of Hormuz in 7 days
Iran’s Foreign Minister Abbas Araghchi detailed the proposal in a private gathering on Thursday
Intelligence from Chinese groups aiding in Iran’s increasingly effective targeting of US sites, sources say
Satellite imagery and intelligence support provided by Chinese groups has helped Iran threaten ships in the Strait of Hormuz and launch precision strikes on US military bases in the Middle East, part of a dramatic improvement in Iranian targeting capabilities over the past several months, according to a series of recent American intelligence assessments described to CNN by four sources.
Trump in address to world leaders at UN defends his decision to start Iran war
Trump accused Iran of stalling to make a deal to fully reopen the Strait of Hormuz and negotiate an endgame to the war until after the midterms
Britain’s Burnham is set to meet Trump for the first time at the UN in New York
Britain's Prime Minister Andy Burnham is set to meet U.S. President Donald Trump for the first time. The meeting will take place on the sidelines of the United Nations General Assembly in New York. Burnham plans to discuss ways to bolster Ukraine's defenses and ease fuel prices that have soared since the US-Israeli war with Iran blocked ships from moving freely through the Strait of Hormuz. Burnham, once critical of Trump, now says he wants to seek common ground. Trump has called Burnham “a nice guy,” but has also concerned U.K. officials by expressing support for Irish unification and musing about the future of the Falkland Islands.
Hormuz Strait Remains Under Iran’s Control: Military Spokesman
TEHRAN (Tasnim) – The initiative in the Strait of Hormuz remains in the hands of Iran's powerful Armed Forces, a senior spokesperson for the Iranian Armed Forces said.
Iran claims it struck an oil tanker in the Strait of Hormuz, and other Mideast developments
Iran says it struck an oil tanker trying to transit the Strait of Hormuz, while hundreds of thousands of people rallied in Tehran in the largest show of support for the government since the United States and Israel launched attacks in February. Meanwhile, South Korea says it is considering expanding a naval operation in the […]
PGSA Warns against Serving Violating Vessels
TEHRAN (Tasnim) – Iran’s Persian Gulf Strait Affairs Authority (PGSA) warned insurers, protection and indemnity insurance clubs, and classification societies against providing services to vessels listed as violating its regulations governing maritime traffic through the Strait of Hormuz.
IRGC Downs Another MQ-1 Drone over Strait of Hormuz
TEHRAN (Tasnim) – The Islamic Revolution Guards Corps (IRGC) announced the interception and destruction of another advanced MQ-1 drone over the Strait of Hormuz.
Iran meeting with Gulf countries to discuss Strait of Hormuz deal without the US
Gulf diplomats and Iranian officials will meet without US involvement to discuss an Omani plan for re-opening the Strait of Hormuz to regular tanker traffic.
Somalis rethink trade routes as Houthis disrupt established shipping channels
Somali businesses are seeking alternative shipping routes due to disruptions and security concerns around the Bab al-Mandab Strait and the Strait of Hormuz after Iran-backed Houthis captured a key port city and an island, sending thousands of Yemenis fleeing to...
Wanted: Oil tankers at any cost as tensions in the Gulf trigger a global scramble
The closure of the Strait of Hormuz and soaring freight rates have intensified competition among countries and shipowners to secure their own tanker fleets. A second-hand vessel can now cost up to 40% more than a newly built one
Trump says Iran probably responsible for attack on Saudi pipeline
U.S. President Donald Trump said on Saturday that Iran was probably responsible for an aerial attack on Saudi Arabia that shut down its East-West pipeline, one of the kingdom's main routes for exporting crude while bypassing the Strait of Hormuz.
This Week In Politics: Renewed Conflict With Iran
Following a month-long pause in conflict, American and Iranian forces resumed hostilities this week when U.S. strikes hit Iranian territory on Sunday, Aug. 30. The U.S. struck Iranian rocket launchers on Larak Island, a critical strategic island along the Strait of Hormuz, and the attack is reported to have killed two people and wounded others....
The Political Cost of Sending Korean Forces to Hormuz
By pressuring Seoul to support his Iran war, Trump is weakening a vital alliance.
US targets multiple Iranian tankers near Kharg Island
The US targeted multiple Iranian tankers near Kharg Island in the Strait of Hormuz on Tuesday, according to two US officials.
Hormuz disruptions hitting small businesses hardest, UN trade agency warns
GENEVA, Sept 8 (Reuters) - Disruptions in the Strait of Hormuz could push small and medium-sized businesses out of global supply chains, increasing economic concentration and weakening the resilience
Hormuz disruptions hitting small businesses hardest, UN trade agency warns
GENEVA, Sept 8 (Reuters) - Disruptions in the Strait of Hormuz could push small and medium-sized businesses out of global supply chains, increasing economic concentration and weakening the resilience
Former Pentagon official analyzes Strait of Hormuz oil threats
Former Pentagon official Brent Sadler discusses rising geopolitical risks including Iran's threats in the Strait of Hormuz, U.S. envoys pushing for Russia-Ukraine peace negotiations and the new Russia-North Korea road bridge.
Oil extends gains after US and Iran strike ships
Oil prices extended gains on Monday as tit-for-tat strikes between the U.S. and Iran on vessels sailing in the Strait of Hormuz and other areas heightened concerns of a prolonged supply disruption from the Middle East.
US military fended off Iranian drones as it escorted a record amount of oil through Strait of Hormuz, sources say
The US military escorted 40 commercial vessels carrying 18 million barrels of oil through the Strait of Hormuz, marking a wartime high as Iran and the US exchanged a new round strikes on Tuesday, two US officials familiar with the operations told CNN.
Iran fires on its Gulf neighbors, retaliating for U.S. military strikes
Fighting between the U.S. and Iran has increased since the weekend after the American military hit Iranian rocket launchers in the Strait of Hormuz
US military carries out new strikes on Iranian targets
The US military conducted additional strikes against Islamic Revolutionary Guard Corps targets in Iran on Tuesday, in response to recent attempted attacks against commercial shipping in the Strait of Hormuz and American troops deployed to the region, according to US Central Command.
U.S. strikes Iranian rocket launchers on the Strait of Hormuz
Iran swiftly vowed to retaliate for what it called a deadly attack
U.S. strikes Iranian rocket launchers on the Strait of Hormuz
Iran swiftly vowed to retaliate for what it called a deadly attack
US strikes Iranian island where forces were preparing to launch mines, official says
The US military on Sunday struck Iran’s Larak Island, where forces were observed preparing to launch mines into the Strait of Hormuz, according to a US official, marking the first strikes in the war in over a month.
No, Iran is not winning: In Act IV of the war, it’s losing its leverage in Hormuz
As the latest phase of the war unfolds, Iran is losing its leverage in Hormuz
Millions of barrels of Iranian oil sit beyond Trump blockade as he vows ‘zero leakage’
Nearly 40 million barrels of Iranian crude sit on tankers near Malaysia, posing a test for Trump's "zero-leakage" sanctions campaign against Tehran.
Iran defiant as US vows ‘economic D-Day’ penalties on nations doing business with Tehran
The US is threatening damaging new sanctions on countries that refuse to cut economic ties with Iran, but has stopped short of actually imposing big new penalties. Follow for live updates.
Oil prices steady as investors assess US-Iran war outlook
Oil prices steadied in early trade on Thursday as investors assessed the outlook for the U.S.-Iran war and the security of shipping through the Strait of Hormuz.
Oil edges up on uncertainty over exports through Hormuz
Oil prices ticked higher in early trade on Wednesday, climbing for a fourth straight day on supply uncertainty as investors weighed conflicting messages from Tehran and Washington on whether the Strait of Hormuz is open to ships.
Iran is losing control of the Strait of Hormuz
The battle for control of the Strait of Hormuz has become the focal point of the Iran war. Over the past several months, both Iran and the United States have claimed the upper hand – and the competing rhetoric has caused considerable confusion and doubt.
Oil treads water as US-Iran peace talks stall, Hormuz shipping slows
Oil prices barely moved in early trade on Monday as tanker traffic through the Strait of Hormuz slowed over the weekend with no peace deal in sight between the United States and Iran to end the conflict in the Middle East.
The post-Hormuz era offers Africa a great opportunity
But to capture its benefits, the continent needs to develop an effective, common maritime policy.
Iran fires back at Trump's threat to declare Hormuz a US territory
An unnamed White House official clarified that Trump was joking
No One Wants to Talk About the Debt | WSJ Politics Newsletter for Aug. 13
Plus, Iran has an ability to make the Strait of Hormuz too risky to cross with limited firepower, and progressives have a reckoning in the Midwest.
How The Global Business Community Is Responding To Tariffs & The Strait Of Hormuz Impasse: Expert
When the Supreme Court blocked a large swath of his tariffs, Trump said his administration had "very powerful alternatives." Now we know what those alternatives are.
Oil rises as uncertainty continues over reopening of Strait
Oil prices rose on Monday as uncertainty continued over the reopening of the Strait of Hormuz as Iran said a deal with Oman defining new shipping lanes was in its final stages, but the U.S. must still meet other conditions.
Israel rejects Trump's Gaza plan, more details emerge on the Strait of Hormuz
Tehran suggests that vessels linked to “hostile countries” will be barred from the waterway.
A deal with Iran over the Strait of Hormuz may require a compromise from Trump
Any concession would be tough for the Republican president
A deal with Iran over the Strait of Hormuz may require a compromise from Trump
Any concession would be tough for the Republican president
Oil rises on concerns over Strait of Hormuz reopening plans
Oil continued its rise on Friday amid further concerns around the opening of the Strait of Hormuz as Iran, working with Oman, suggested banning vessels deemed hostile from the strait and heavily fining those who violated the proposed rules.
Iran says it's in final stages of draft agreement with Oman on Strait of Hormuz
The agreement is likely to be contingent on the U.S. lifting its blockade on Iran’s ports
Miliband says reopening Strait of Hormuz 'essential' as he meets Rubio
The move is required "to ease cost-of-living pressures", Miliband says, as he meets his US counterpart in Washington.
Trump says deal to reopen the Strait of Hormuz could come as early as Wednesday
Iran and Oman inched toward an agreement on the critical waterway
An Emerging Deal Between Iran and Oman to Reopen Hormuz Would Come at a Cost for Trump
The deal would address President Trump’s most urgent political problem by allowing ships to move again. But it would give Iran strategic leverage it did not have before the war.
UK economy faces recession if strait of Hormuz remains closed, EY warns
Rolling coverage of the latest economic and financial news
Few signs of talks between US and Iran as Trump hears from different corners on path forward
Despite President Donald Trump’s claims Iran is “begging” for a deal, some US officials fear regime figures appear more committed than ever to wielding leverage over the Strait of Hormuz and firing missiles toward American troops.
Biological 'superspreader' event could be imminent as more than 1,000 ships idle in the Strait of Hormuz, scientists warn
The prolonged closure of the Strait of Hormuz may pose significant biosecurity hazards as well as economic impacts, with potentially devastating consequences for global ecosystems and human health.
We’re running out of ways to get oil out of the Middle East
Saudi Arabia had found a workaround for the Strait of Hormuz. Then the Houthis showed up.
Iran weaponized the Strait of Hormuz. Now its neighbors are building around it
For the first time in decades, the Middle East is investing seriously in a future in which the Strait of Hormuz may no longer be indispensable.
Add a month at sea and $2.5 million - what it costs oil tankers to flee Hormuz and Bab el-Mandeb
With two of its key oil export routes - the Hormuz and Bab el- Mandeb straits - disrupted by Iran and Iran-allied Houthi militants, Saudi Arabia has to resort to exporting oil via Egypt's Suez Canal.
Iran is 'punishing' US allies, hurting the global economy: Political analyst
An ‘All-Star’ panel joins ‘Special Report’ to discuss the U.S.-Iran conflict, threats to the Strait of Hormuz and Senate Minority Leader Chuck Schumer's plan to revive a war powers vote.
Scientists warn of potential global marine invasive species event linked to idle ships in the Strait of Hormuz
New research from an international team of 24 marine scientists, led by the University of Maryland Center for Environmental Science (UMCES) and including the Woods Hole Oceanographic Institution (WHOI), ...
How the Iran war’s unpopularity compares to Iraq, Afghanistan and Vietnam
An increasing volume of data suggests the Iran war has become about as unpopular as Iraq and Vietnam ever were — and it became so much more quickly.
Brent oil tops $90 as US, Iran intensify attacks in Middle East
Oil prices jumped 3% on Monday, with Brent surpassing $90 a barrel, as the United States and Iran expanded attacks in the Middle East that have curbed energy shipments in the Strait of Hormuz.
How Sport Will Change on a Hotter Planet (We Might Have to Move the Olympics) | Climate & Energy for July 16
Plus: The Strait of Hormuz isn’t going back to normal, and the Chinese EV wave threatens Volkswagen’s vast, well-paid workforce
Shipping Choke Points Raise Business Costs Even After The Iran War
Shipping choke points like Hormuz and Malacca keep raising business costs after the Iran War, forcing companies to pay more for reliable supply chains
US Reimposes Blockade on Iranian Ports, Launches New Strikes
Gharibabadi said Tehran no longer considers itself bound by the memorandum of understanding, including on the Strait of Hormuz.
Strait of Hormuz remains 'de facto closed', no matter what the US says: Expert
Lars Jensen, CEO of Vespucci Maritime, says the economics and legalities of President Trump's proposed toll on the Strait of Hormuz made his U-turn on this inevitable. He also explains why he believes the Strait remains de fact closed despite U.S. assertions on the contrary, noting that freight rates and insurance premiums have surged on Trump's latest comments.
U.S. War Against Iran Enters a New Phase
As President Trump resumes his war, the focus is now on the Strait of Hormuz. But it remains unclear how far the U.S. military will go to exert control.
Trump’s “Highly Productive” Talks About the Strait of Hormuz Probably Involved Middle Eastern Leaders Telling Him to Shove It
And another TACO Tuesday passes us by.
OpenAI's First Device Will Be Movable, Screenless Speaker Built as AI Companion
(Bloomberg) -- OpenAI's much-anticipated push into consumer devices is slated to begin with a mobile, screen-free smart speaker designed to be a new type of home computer for the AI era, according to people familiar with the matter.Most Read from BloombergUS Hits Iran With Strikes, Blockade as Trump Plans Hormuz ChargeTrump Shelves 20% Fee for Hormuz Cargo After Gulf PressureA Cocaine Bust in Spain Leads All the Way to Wall StreetUS CPI Falls for the First Time Since 2020, Core Gauge Flat'We Fal
Is the Iran war back on for real?
After days of newly intense fighting, Trump asserted he’ll take control of the Hormuz Strait — and charge for access.
U.S. and Iran assert control over Strait of Hormuz after latest attacks
President Donald Trump told Fox News Monday: "We're taking over the strait"
U.S. and Iran assert control over Strait of Hormuz after latest attacks
President Donald Trump told Fox News Monday: "We're taking over the strait"
The Latest: Trump demands 20% toll for passage through strait
President Donald Trump said Iranian ships will no longer be able to travel through the Strait of Hormuz and America would charge a 20% toll on other countries’ eligible cargo, escalating tensions after weekend of attacks by both nations to assert control of the critical waterway
Sen. McConnell breaks weeks of silence about health, US and Iran vie for Strait of Hormuz control
Welcome back.
Oil Rises After Weekend of Back-and-Forth Strikes by U.S. and Iran
The renewed hostilities posed fresh risks to ships seeking to navigate the Strait of Hormuz.
How Trump Failed to Secure the Strait of Hormuz in His Iran Deal
President Trump signed an agreement that Iran said gave it control of the waterway — and global energy supplies. Now, Iran’s military is violently asserting authority.
The US was overconfident before the war. Iran may be overconfident now.
Iran may have bitten off more than it can chew in the Strait of Hormuz.
U.S. demands Iran publicly state Strait of Hormuz is open
U.S. officials said Friday that internal Tehran power struggles have made it difficult to reach and keep a deal
Iran needs to see that we mean business: GOP lawmaker
Rep. Carlos Gimenez, R-Fla., discusses concerns over a clause regarding the Strait of Hormuz in the MoU, reports of Iran-made drones in Cuba and NYC Mayor Zohran Mamdani meeting a Cuban delegation.
Trump says Iran ceasefire is ‘over,’ so what now?
President Donald Trump said the Memorandum of Understanding between the US and Iran is “over” after a fresh escalation that included attacks on commercial shipping in the Strait of Hormuz and US retaliatory strikes. CNN’s Kevin Liptak reports on what could happen now.
Trump admin reimposes oil sanctions after Iran strikes ships near Strait of Hormuz
The Trump administration is reimposing sanctions on Iranian oil sales in retaliation for a series of attacks on commercial ships near the Strait of Hormuz.
What Does the Memorandum of Understanding Signed Between the US and Iran Mean?
Iran maintains that transit through the Strait of Hormuz should be under the control of both Oman and Iran with no international intervention.
Oil slips after OPEC+ agrees to raise output targets
Oil prices inched lower on Monday after OPEC+ agreed to further increase its output targets from August while exports from key producers via the Strait of Hormuz are recovering, potentially adding to global supplies.
Why One Global Shipping Choke Point Isn’t a Blueprint for Another
The Strait of Malacca may be a model for how Oman and Iran could collect fees in the Strait of Hormuz, but the differences between the waterways are vast.
Oil price ‘may fall to $60 a barrel’ as voyages through the strait of Hormuz jump
Rolling coverage of the latest economic and financial news
The Iran MOU is a mess. It still might work
The 14-point “Memorandum of Understanding” is among the oddest international agreements in recent memory. Short on detail, its two pages purport to grant significant up-front American concessions to Iran in exchange for opening the Strait of Hormuz, which was already open before the war President Donald Trump started in February and now hopes to end.
Iran’s leverage over Strait of Hormuz snarls Trump’s push for a deal
Washington and Tehran are back at the negotiating table after a fragile ceasefire. But experts remain skeptical the two sides are close to a nuclear deal, even as calm oil markets reduce pressure to reach one.
Trump says Iran strike in Strait of Hormuz is a ‘foolish violation’ of agreement
President Donald Trump called Iran’s strike on a vessel in the Strait of Hormuz a “foolish violation” of the agreement to end the war with Tehran, but offered little indication the episode would prompt a return to active hostilities.
Oil prices fall after US waives Iran sanctions and peace talks in Switzerland progress
US waives sanctions on Iran for 60 days after first talks in Switzerland to negotiate peace deal; communications line opened to ensure safe passage through strait of Hormuz
Why Germany's navy could be crucial for the Strait of Hormuz
Despite a tentative US-Iran deal, the Strait of Hormuz remains unstable — posing a major threat to global energy flows. So who will clear the mines, and who can guarantee safe passage for shipping? A European-led mission may soon set sail, with Germany poised to play a central role.
Roundup: Oil shock / AI receptionists / Warsh’s style
‘Baked-in’ damage: Even though the Strait of Hormuz has reopened in principle, analysts say the economic damage from the earlier disruption is already largely “baked in,” since supply chains, inventories and energy markets have already adjusted to shortages and higher costs. Oil prices have eased from their peak, but inflation pressures are expected to persist […]