UBS On-Air: Paul Donovan Daily Audio 'Extending the “ceasefire”'

Energy markets gave a cautious response to reports the US and Iran may extend the terms of the “ceasefire”. Key approvals are missing—US President Trump wishes to think about it, which will take a couple of days. Market caution also reflects the more muted tone from the Iranian side. Energy markets need to consider a post-war environment—how quickly production normalizes, what damage must be repaired, and what a newly empowered Iran means.