UBS On-Air: Paul Donovan Daily Audio 'Stimulus and redistribution'

Oil prices are down and the optimism bias is up. There are hopes for an Iran-Oman settlement on post-war control of the Strait of Hormuz. This would probably mean tolls eventually (probably branded a “tariff” or an “environmental charge” according to political bias). A toll would be economically negligible. Iran cementing control of the Strait has implications for insurance, supply chain security, and Gulf infrastructure investment.