UBS On-Air: Paul Donovan Daily Audio 'Trickle or treat?'

News that Iran has allowed some ships to cross the Strait of Hormuz encouraged a modest drop in the oil price. The volume of oil exiting the Gulf is a fraction of pre-war levels, but allowing some flow might diminish physical shortages. Assuming Iran benefits economically, it also lessens pressures on Iran to deal with the US. In terms of the Wile E. Coyote trajectory, this implies the economy is still over the edge of the cliff, but might continue running through thin air for longer.